Piper Jaffray Companies Cuts Pandora Media, Inc. (P) Price Target to $13.00

Pandora Media, Inc. (NYSE:P) had its price target reduced by Piper Jaffray Companies to $13.00 in a report published on Tuesday, August 1st, The Fly reports. They currently have an overweight rating on the Internet radio service’s stock.

Several other equities research analysts have also recently commented on P. Stifel Nicolaus reaffirmed a buy rating and issued a $15.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Goldman Sachs Group, Inc. (The) raised their price objective on shares of Pandora Media from $16.00 to $18.00 and gave the company a buy rating in a research note on Tuesday, May 9th. B. Riley restated a buy rating and set a $15.00 price objective on shares of Pandora Media in a research note on Tuesday, May 9th. Canaccord Genuity restated a buy rating and set a $5.50 price objective on shares of Pandora Media in a research note on Thursday, May 11th. Finally, SunTrust Banks, Inc. restated a buy rating and set a $10.50 price objective (down from $16.00) on shares of Pandora Media in a research note on Friday, May 19th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $12.07.

Pandora Media (P) opened at 8.27 on Tuesday. Pandora Media has a one year low of $6.76 and a one year high of $14.98. The firm’s market cap is $2.01 billion. The stock’s 50 day moving average is $8.89 and its 200-day moving average is $10.31.

Pandora Media (NYSE:P) last announced its quarterly earnings data on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.08. The company had revenue of $376.83 million during the quarter, compared to analysts’ expectations of $367.51 million. Pandora Media had a negative net margin of 39.90% and a negative return on equity of 58.81%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.12) EPS. On average, equities research analysts expect that Pandora Media will post ($0.51) earnings per share for the current fiscal year.

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In other news, CRO John Trimble sold 10,547 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total value of $88,805.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David Gerbitz sold 9,959 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total value of $83,854.78. Following the transaction, the executive vice president now directly owns 355,607 shares in the company, valued at approximately $2,994,210.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,366 shares of company stock valued at $342,162. 2.59% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Pandora Media by 4.8% in the second quarter. Vanguard Group Inc. now owns 18,059,537 shares of the Internet radio service’s stock worth $161,092,000 after buying an additional 829,682 shares during the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Pandora Media by 9.1% in the first quarter. Waddell & Reed Financial Inc. now owns 13,919,032 shares of the Internet radio service’s stock valued at $164,384,000 after buying an additional 1,156,593 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Pandora Media by 51.9% in the second quarter. First Trust Advisors LP now owns 7,183,485 shares of the Internet radio service’s stock valued at $64,077,000 after buying an additional 2,454,296 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of Pandora Media by 0.7% in the second quarter. Ontario Teachers Pension Plan Board now owns 7,046,899 shares of the Internet radio service’s stock valued at $62,858,000 after buying an additional 46,899 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Pandora Media by 44.0% in the first quarter. Alliancebernstein L.P. now owns 5,660,574 shares of the Internet radio service’s stock valued at $66,851,000 after buying an additional 1,729,354 shares in the last quarter.

About Pandora Media

Pandora Media, Inc (Pandora) is a music discovery platform, offering a personalized experience for each of its listeners wherever and whenever they want to listen to music, whether through earbuds, car speakers or live on stage. The Company delivers targeted messages to its listeners using a combination of audio, display and video advertisements.

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