Pandora Media (NYSE:P) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Pandora Media, Inc. operates as a provider of Internet radio in the United States. It provides services to traditional computers, smartphones, such as Android phones, Blackberry phones and the iPhone. When a listener enters a single song, artist, composer or genre to start a station, its mathematical algorithms combine the genes cataloged with individual and collective feedback to suggest songs and build personalized playlists. The Company also offers advertising solutions addressing advertising markets: online display, rich media and video, mobile and broadcast radio. Pandora Media, Inc., formerly known as Savage Beast Technologies Incorporated, is based in Oakland, California. “
Other equities analysts have also issued research reports about the company. Canaccord Genuity lowered Pandora Media from a “buy” rating to a “hold” rating and cut their target price for the company from $11.00 to $9.00 in a research note on Tuesday, November 6th. Goldman Sachs Group lowered Pandora Media from a “buy” rating to a “neutral” rating and cut their target price for the company from $12.00 to $10.00 in a research note on Wednesday, October 24th. BMO Capital Markets lowered Pandora Media from an “outperform” rating to a “market perform” rating and cut their target price for the company from $13.00 to $10.00 in a research note on Monday, October 1st. Royal Bank of Canada lowered Pandora Media from an “outperform” rating to a “sector perform” rating and set a $10.00 target price on the stock. in a research note on Thursday, September 27th. Finally, Credit Suisse Group lifted their target price on Pandora Media from $7.00 to $10.80 and gave the company a “neutral” rating in a research note on Tuesday, September 25th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Pandora Media has a consensus rating of “Hold” and a consensus price target of $8.31.
Shares of Pandora Media stock opened at $8.62 on Wednesday. The firm has a market cap of $2.33 billion, a PE ratio of -6.95 and a beta of -0.28. The company has a debt-to-equity ratio of 4.85, a quick ratio of 2.51 and a current ratio of 2.51. Pandora Media has a 12 month low of $4.09 and a 12 month high of $10.07.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Monday, November 5th. The Internet radio service reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. The firm had revenue of $417.63 million for the quarter, compared to analyst estimates of $400.69 million. Pandora Media had a negative return on equity of 330.21% and a negative net margin of 23.85%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) earnings per share. Sell-side analysts predict that Pandora Media will post -0.93 earnings per share for the current year.
In other Pandora Media news, CAO Karen Sammis Walker sold 3,026 shares of the firm’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $8.90, for a total value of $26,931.40. Following the completion of the sale, the chief accounting officer now owns 143,580 shares of the company’s stock, valued at $1,277,862. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher W. Phillips sold 12,120 shares of the firm’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $8.90, for a total value of $107,868.00. Following the completion of the sale, the insider now directly owns 688,887 shares of the company’s stock, valued at approximately $6,131,094.30. The disclosure for this sale can be found here. In the last three months, insiders sold 290,023 shares of company stock valued at $2,564,106. Corporate insiders own 0.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of P. BlackRock Inc. lifted its holdings in shares of Pandora Media by 49.4% during the second quarter. BlackRock Inc. now owns 17,619,581 shares of the Internet radio service’s stock worth $138,843,000 after purchasing an additional 5,829,889 shares during the period. Millennium Management LLC lifted its holdings in shares of Pandora Media by 235.0% during the second quarter. Millennium Management LLC now owns 4,025,761 shares of the Internet radio service’s stock worth $31,723,000 after purchasing an additional 2,824,028 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Pandora Media during the third quarter worth about $26,211,000. Southpoint Capital Advisors LP lifted its holdings in shares of Pandora Media by 30.5% during the third quarter. Southpoint Capital Advisors LP now owns 9,135,468 shares of the Internet radio service’s stock worth $86,878,000 after purchasing an additional 2,135,468 shares during the period. Finally, Soros Fund Management LLC lifted its holdings in shares of Pandora Media by 42.5% during the second quarter. Soros Fund Management LLC now owns 7,123,275 shares of the Internet radio service’s stock worth $56,131,000 after purchasing an additional 2,123,275 shares during the period. 97.42% of the stock is owned by institutional investors and hedge funds.
About Pandora Media
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 PandoraAd-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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