Shares of Pandora Media Inc. (NYSE:P) were down 2.9% on Monday after Credit Suisse Group AG lowered their price target on the stock from $16.00 to $14.00. Credit Suisse Group AG currently has a neutral rating on the stock. Pandora Media traded as low as $12.25 and last traded at $12.46, with a volume of 7,769,544 shares. The stock had previously closed at $12.83.
A number of other analysts have also weighed in on P. B. Riley reaffirmed a “buy” rating and set a $15.00 target price on shares of Pandora Media in a report on Thursday, June 23rd. Morgan Stanley raised shares of Pandora Media from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $11.00 to $15.00 in a report on Monday, June 27th. Vetr raised shares of Pandora Media from a “sell” rating to a “strong-buy” rating and set a $13.64 target price on the stock in a report on Monday, June 27th. Macquarie reissued an “outperform” rating and issued a $15.00 price target on shares of Pandora Media in a report on Thursday, July 7th. Finally, Albert Fried & Company reissued a “buy” rating on shares of Pandora Media in a report on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $15.65.
In other news, insider Christopher Douglas Martin sold 6,667 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $14.32, for a total value of $95,471.44. Following the transaction, the insider now owns 347,236 shares of the company’s stock, valued at $4,972,419.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher W. Phillips sold 12,274 shares of the business’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. 6.64% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC increased 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 valued at $5,722,000 after buying an additional 1,708 shares during the period. BlackRock Inc. increased 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 valued at $227,000 after buying an additional 19,093 shares during the period. BlackRock Institutional Trust Company N.A. increased 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 valued at $45,044,000 after buying an additional 110,180 shares during the period. Jackson Square Partners LLC increased its position in 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 valued at $101,057,000 after buying an additional 5,127,147 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Pandora Media during the first quarter valued at approximately $172,000.
The company has a 50-day moving average of $13.97 and a 200-day moving average of $12.10. The company’s market cap is $2.86 billion.
Pandora Media (NYSE:P) last issued its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. The company had revenue of $343 million for the quarter, compared to the consensus estimate of $351.48 million. On average, analysts expect that Pandora Media Inc. will post ($0.39) EPS for the current fiscal year.