Point72 Asset Management L.P. decreased its holdings in Pandora Media Inc (NYSE:P) by 77.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 332,797 shares of the Internet radio service’s stock after selling 1,141,281 shares during the period. Point72 Asset Management L.P. owned 0.13% of Pandora Media worth $2,563,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of P. Alyeska Investment Group L.P. grew its stake in Pandora Media by 21.3% during the third quarter. Alyeska Investment Group L.P. now owns 5,165,300 shares of the Internet radio service’s stock valued at $39,773,000 after acquiring an additional 906,180 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in Pandora Media during the third quarter valued at approximately $180,000. Cowen Inc. grew its stake in Pandora Media by 70.3% during the third quarter. Cowen Inc. now owns 69,500 shares of the Internet radio service’s stock valued at $535,000 after acquiring an additional 28,700 shares in the last quarter. Partners Capital Investment Group Holdings LLC purchased a new position in Pandora Media during the third quarter valued at approximately $579,000. Finally, Trexquant Investment LP purchased a new position in Pandora Media during the third quarter valued at approximately $302,000.
In related news, CRO John Trimble sold 10,204 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $5.11, for a total transaction of $52,142.44. Following the completion of the sale, the executive now directly owns 454,645 shares in the company, valued at approximately $2,323,235.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Stephen G. Bene sold 7,967 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $5.11, for a total transaction of $40,711.37. Following the sale, the general counsel now owns 330,865 shares of the company’s stock, valued at $1,690,720.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,682 shares of company stock valued at $192,555. Company insiders own 2.59% of the company’s stock.
Pandora Media (NYSE:P) last announced its quarterly earnings data on Thursday, November 2nd. The Internet radio service reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.02. The firm had revenue of $378.60 million during the quarter, compared to analyst estimates of $380.54 million. Pandora Media had a negative net margin of 39.49% and a negative return on equity of 74.78%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) EPS. sell-side analysts forecast that Pandora Media Inc will post -1.09 EPS for the current fiscal year.
Several equities analysts recently commented on P shares. Zacks Investment Research cut shares of Pandora Media from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. Stifel Nicolaus set a $12.00 price objective on shares of Pandora Media and gave the company a “buy” rating in a research note on Tuesday, October 31st. Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 price objective on shares of Pandora Media in a research note on Monday, October 30th. BMO Capital Markets raised shares of Pandora Media from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $11.00 to $7.00 in a research note on Thursday, November 16th. Finally, FBR & Co reissued a “buy” rating and issued a $11.00 price target on shares of Pandora Media in a research note on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, twenty-seven have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $10.94.
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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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