Today, Pandora Media Inc. (P) Rating Increased to Conviction-Buy at Goldman Sachs Group Inc.

Today, Pandora Media Inc. (P) Rating Increased to Conviction-Buy at Goldman Sachs Group Inc.

Pandora Media Inc. (NYSE:P) was upgraded by research analysts at Goldman Sachs Group Inc. from a “buy” rating to a “conviction-buy” rating in a note issued to investors on Tuesday. The firm currently has a $19.00 price target on the Internet radio service’s stock, up from their prior price target of $17.00. Goldman Sachs Group Inc.’s price objective indicates a potential upside of 28.64% from the stock’s current price.

P has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Pandora Media in a research report on Monday, September 26th. Macquarie reaffirmed an “outperform” rating and issued a $17.00 price objective (up from $16.00) on shares of Pandora Media in a research report on Monday, August 29th. MKM Partners raised their price objective on Pandora Media from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 25th. FBR & Co reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Pandora Media in a research report on Tuesday, August 23rd. Finally, Axiom Securities reiterated a “buy” rating on shares of Pandora Media in a research note on Monday, September 19th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $15.91.

Shares of Pandora Media (NYSE:P) opened at 14.77 on Tuesday. The company has a 50-day moving average price of $14.00 and a 200 day moving average price of $11.89. Pandora Media has a 52 week low of $7.10 and a 52 week high of $20.96. The firm’s market cap is $3.41 billion.

Pandora Media (NYSE:P) last released its quarterly earnings data on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.04. Pandora Media had a negative return on equity of 25.53% and a negative net margin of 23.04%. The company earned $343 million during the quarter, compared to analysts’ expectations of $351.48 million. Analysts expect that Pandora Media will post ($0.39) EPS for the current fiscal year.

In other news, insider Christopher Douglas Martin sold 2,000 shares of the company’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $13.37, for a total value of $26,740.00. Following the transaction, the insider now owns 336,569 shares of the company’s stock, valued at $4,499,927.53. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher W. Phillips sold 12,274 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $12.15, for a total transaction of $149,129.10. Following the completion of the transaction, the insider now directly owns 288,878 shares in the company, valued at approximately $3,509,867.70. The disclosure for this sale can be found here. Company insiders own 6.64% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC boosted its position in Pandora Media by 0.3% in the first quarter. TIAA CREF Investment Management LLC now owns 639,383 shares of the Internet radio service’s stock worth $5,722,000 after buying an additional 1,708 shares in the last quarter. BlackRock Inc. boosted its position in Pandora Media by 308.2% in the first quarter. BlackRock Inc. now owns 25,287 shares of the Internet radio service’s stock worth $227,000 after buying an additional 19,093 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Pandora Media by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,032,903 shares of the Internet radio service’s stock worth $45,044,000 after buying an additional 110,180 shares in the last quarter. Shufro Rose & Co. LLC boosted its position in Pandora Media by 16.7% in the first quarter. Shufro Rose & Co. LLC now owns 17,500 shares of the Internet radio service’s stock worth $157,000 after buying an additional 2,500 shares in the last quarter. Finally, Welch Capital Partners LLC NY boosted its position in Pandora Media by 19.6% in the first quarter. Welch Capital Partners LLC NY now owns 836,470 shares of the Internet radio service’s stock worth $7,486,000 after buying an additional 136,860 shares in the last quarter.

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