Pandora Media Inc. (NYSE:P) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday. The firm presently has a $16.06 price target on the Internet radio service’s stock. Vetr‘s price objective indicates a potential upside of 13.58% from the stock’s current price.
Several other analysts have also recently issued reports on the stock. Citigroup Inc. reaffirmed a “buy” rating and issued a $16.00 price target on shares of Pandora Media in a report on Wednesday, June 8th. Axiom Securities raised shares of Pandora Media from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Thursday, June 9th. Albert Fried & Company reaffirmed a “buy” rating on shares of Pandora Media in a report on Monday, June 13th. Scotiabank raised shares of Pandora Media from an “underperform” rating to a “sector perform” rating in a report on Tuesday, June 14th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $14.00 price target on shares of Pandora Media in a report on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $15.81.
Pandora Media (NYSE:P) traded down 1.87% on Thursday, hitting $14.14. 3,455,635 shares of the company were exchanged. Pandora Media has a 52-week low of $7.10 and a 52-week high of $22.20. The firm has a 50 day moving average of $13.85 and a 200-day moving average of $11.75. The stock’s market cap is $3.27 billion.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The firm had revenue of $343 million for the quarter, compared to analysts’ expectations of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. On average, equities analysts expect that Pandora Media will post ($0.39) earnings per share for the current fiscal year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $13.60, for a total transaction of $27,200.00. Following the completion of the transaction, the insider now directly owns 344,470 shares in the company, valued at $4,684,792. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher W. Phillips sold 12,274 shares of the stock in a transaction on Monday, July 25th. The stock was sold at an average price of $12.15, for a total value of $149,129.10. Following the transaction, the insider now owns 288,878 shares of the company’s stock, valued at $3,509,867.70. The disclosure for this sale can be found here. Company insiders own 6.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in P. Vanguard Group Inc. raised its position in Pandora Media by 3.2% in the second quarter. Vanguard Group Inc. now owns 15,383,890 shares of the Internet radio service’s stock valued at $191,529,000 after buying an additional 474,859 shares in the last quarter. Jackson Square Partners LLC raised its stake in shares of Pandora Media by 83.2% in the first quarter. Jackson Square Partners LLC now owns 11,291,361 shares of the Internet radio service’s stock worth $101,057,000 after buying an additional 5,127,147 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Pandora Media by 4.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,262,438 shares of the Internet radio service’s stock worth $65,517,000 after buying an additional 229,535 shares during the period. Cornerstone Capital Management LLC raised its stake in shares of Pandora Media by 17.5% in the second quarter. Cornerstone Capital Management LLC now owns 5,051,243 shares of the Internet radio service’s stock worth $62,888,000 after buying an additional 753,567 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Pandora Media by 3.1% in the second quarter. Alliancebernstein L.P. now owns 4,621,806 shares of the Internet radio service’s stock worth $57,541,000 after buying an additional 137,383 shares during the period.
About Pandora Media
Pandora Media, Inc (Pandora) is a music discovery platform, offering a personalized experience for each of its listeners wherever and whenever they want to listen to music, whether through earbuds, car speakers or live on stage. The Company delivers targeted messages to its listeners using a combination of audio, display and video advertisements.
To view Vetr’s full report, visit Vetr’s official website.
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