Pandora Media (NYSE:P) had its price target lifted by research analysts at Needham & Company LLC from $8.00 to $13.00 in a report issued on Wednesday, September 12th, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the Internet radio service’s stock. Needham & Company LLC’s target price points to a potential upside of 45.25% from the stock’s previous close.
Other equities research analysts have also issued reports about the company. B. Riley boosted their target price on Pandora Media from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, August 1st. Wedbush set a $10.00 price target on Pandora Media and gave the stock a “buy” rating in a report on Wednesday, August 1st. Canaccord Genuity set a $10.00 price target on Pandora Media and gave the stock a “buy” rating in a report on Wednesday, August 1st. ValuEngine upgraded Pandora Media from a “sell” rating to a “hold” rating in a research report on Monday, June 11th. Finally, Zacks Investment Research upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $9.25 price objective on the stock in a research report on Saturday, August 4th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Pandora Media presently has an average rating of “Hold” and a consensus price target of $8.32.
P traded down $0.02 during trading on Wednesday, reaching $8.95. The company had a trading volume of 13,974,610 shares, compared to its average volume of 9,861,502. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 2.76. Pandora Media has a 12-month low of $4.09 and a 12-month high of $10.07. The stock has a market capitalization of $2.53 billion, a P/E ratio of -7.22 and a beta of -0.64.
Pandora Media (NYSE:P) last released its earnings results on Tuesday, July 31st. The Internet radio service reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.12. The company had revenue of $384.79 million for the quarter, compared to analysts’ expectations of $373.61 million. Pandora Media had a negative return on equity of 243.61% and a negative net margin of 24.14%. On average, research analysts predict that Pandora Media will post -0.95 earnings per share for the current year.
In other Pandora Media news, CRO John Trimble sold 100,577 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $8.02, for a total value of $806,627.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Gerbitz sold 36,577 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $8.16, for a total value of $298,468.32. Following the completion of the sale, the chief operating officer now owns 574,617 shares of the company’s stock, valued at $4,688,874.72. The disclosure for this sale can be found here. Insiders sold 180,890 shares of company stock valued at $1,461,155 over the last 90 days. Corporate insiders own 0.43% of the company’s stock.
Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Pandora Media by 49.4% in the second quarter. BlackRock Inc. now owns 17,619,581 shares of the Internet radio service’s stock valued at $138,843,000 after purchasing an additional 5,829,889 shares in the last quarter. Waddell & Reed Financial Inc. grew its stake in Pandora Media by 1.6% in the second quarter. Waddell & Reed Financial Inc. now owns 12,937,073 shares of the Internet radio service’s stock valued at $101,944,000 after purchasing an additional 205,294 shares in the last quarter. Dorsal Capital Management LLC bought a new position in Pandora Media in the second quarter valued at approximately $59,100,000. Point72 Asset Management L.P. grew its stake in Pandora Media by 91.0% in the first quarter. Point72 Asset Management L.P. now owns 7,199,893 shares of the Internet radio service’s stock valued at $36,215,000 after purchasing an additional 3,430,893 shares in the last quarter. Finally, Soros Fund Management LLC grew its stake in Pandora Media by 42.5% in the second quarter. Soros Fund Management LLC now owns 7,123,275 shares of the Internet radio service’s stock valued at $56,131,000 after purchasing an additional 2,123,275 shares in the last quarter.
Pandora Media Company Profile
Pandora Media, Inc provides music discovery platform services in the United States and internationally. The company offers streaming radio and on-demand music services, which enable the listeners to create personalized stations and playlists, as well as search and play songs and albums on-demand. It also provides Pandora?Ad-Supported Radio Service, an ad-supported service that allows listeners to access a catalog of music, comedy, livestreams, and podcasts through its personalized playlist generating system for free across its various delivery platforms, as well as Premium Access, a service to listeners to access on-demand listening experience; and Pandora Plus, a subscription radio service, which also includes replays, additional skipping of songs, offline listening, higher quality audio on supported devices, and longer timeout-free listening.
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