BNP Paribas Arbitrage SA cut its stake in Pandora Media Inc (NYSE:P) by 27.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,909 shares of the Internet radio service’s stock after selling 14,906 shares during the period. BNP Paribas Arbitrage SA’s holdings in Pandora Media were worth $307,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. DSAM Partners London Ltd bought a new stake in Pandora Media in the second quarter valued at approximately $3,112,000. Eidelman Virant Capital boosted its holdings in Pandora Media by 6.4% in the second quarter. Eidelman Virant Capital now owns 656,200 shares of the Internet radio service’s stock valued at $5,170,000 after acquiring an additional 39,400 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Pandora Media in the fourth quarter valued at approximately $110,000. Cambridge Investment Research Advisors Inc. boosted its holdings in Pandora Media by 43.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 87,659 shares of the Internet radio service’s stock valued at $441,000 after acquiring an additional 26,600 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Pandora Media by 91.0% during the 1st quarter. Point72 Asset Management L.P. now owns 7,199,893 shares of the Internet radio service’s stock worth $36,215,000 after buying an additional 3,430,893 shares in the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.
P has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a report on Saturday, August 4th. ValuEngine cut Pandora Media from a “hold” rating to a “sell” rating in a report on Saturday, July 28th. BMO Capital Markets upgraded Pandora Media to an “outperform” rating and set a $9.00 price target on the stock in a report on Monday, May 7th. SunTrust Banks upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $8.00 price target on the stock in a report on Friday, May 4th. Finally, Royal Bank of Canada upgraded Pandora Media from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $7.85.
In related news, COO David Gerbitz sold 36,577 shares of the stock in a transaction on 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 directly owns 574,617 shares of the company’s stock, valued at approximately $4,688,874.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO John Trimble sold 100,577 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $8.02, for a total value of $806,627.54. The disclosure for this sale can be found here. Insiders have sold 180,890 shares of company stock worth $1,461,155 over the last ninety days. 0.43% of the stock is owned by insiders.
Shares of NYSE:P opened at $8.06 on Tuesday. 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 Inc has a twelve month low of $4.09 and a twelve month high of $8.77. The company has a market cap of $2.11 billion, a PE ratio of -6.50 and a beta of -0.63.
Pandora Media (NYSE:P) last issued its earnings results on Tuesday, July 31st. The Internet radio service reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.12. Pandora Media had a negative return on equity of 243.61% and a negative net margin of 24.14%. The company had revenue of $384.79 million for the quarter, compared to analyst estimates of $373.61 million. equities analysts predict that Pandora Media Inc will post -0.95 EPS for the current fiscal year.
Pandora Media 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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