Pandora Media Inc. (NYSE:P) had its price objective cut by MKM Partners from $13.00 to $12.00 in a research note published on Wednesday morning. They currently have a neutral rating on the Internet radio service’s stock.
““We are lowering our Q4 estimates for revenue growth and EBITDA after another disappointing quarter. We cut our forecast for revenue growth by 700bps to $368mn (9% y/y), and cut our 2017 revenue growth estimate to 13%. Our new non-GAAP EPS estimate for Q4 has been lowered by $0.24 to a ($0.23).”,” MKM Partners’ analyst commented.
P has been the subject of several other research reports. B. Riley restated a buy rating and set a $18.00 target price on shares of Pandora Media in a research note on Wednesday, September 7th. Piper Jaffray Cos. restated a buy rating on shares of Pandora Media in a research note on Tuesday, September 13th. Vetr upgraded Pandora Media from a buy rating to a strong-buy rating and set a $16.27 target price for the company in a research note on Monday, September 12th. Pacific Crest restated a sell rating on shares of Pandora Media in a research note on Monday, September 12th. Finally, Goldman Sachs Group Inc. upgraded Pandora Media from a buy rating to a conviction-buy rating and increased their target price for the company from $17.00 to $19.00 in a research note on Tuesday, October 4th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Pandora Media presently has an average rating of Hold and an average price target of $14.47.
Pandora Media (NYSE:P) opened at 11.06 on Wednesday. The company’s 50-day moving average price is $11.72 and its 200-day moving average price is $12.52. The firm’s market cap is $2.58 billion. Pandora Media has a 52-week low of $7.10 and a 52-week high of $16.23.
Pandora Media (NYSE:P) last released its quarterly earnings results on Tuesday, October 25th. The Internet radio service reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by $0.01. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $1.40 billion. Pandora Media had a negative return on equity of 30.45% and a negative net margin of 20.50%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. Analysts predict that Pandora Media will post ($0.62) EPS for the current year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $13.98, for a total transaction of $27,960.00. Following the transaction, the insider now owns 338,569 shares of the company’s stock, valued at $4,733,194.62. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 6.64% of the company’s stock.
Several large investors have recently modified their holdings of the company. Matrix Capital Management Company LP purchased a new stake in shares of Pandora Media during the third quarter worth about $325,962,000. Omega Advisors Inc. purchased a new stake in shares of Pandora Media during the third quarter worth about $39,019,000. Emerald Acquisition Ltd. purchased a new stake in shares of Pandora Media during the second quarter worth about $27,108,000. Tiger Management L.L.C. purchased a new stake in shares of Pandora Media during the second quarter worth about $18,191,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Pandora Media during the second quarter worth about $17,226,000.
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