Aegis Reaffirms “Buy” Rating for Pandora Media Inc (P)

Aegis reaffirmed their buy rating on shares of Pandora Media Inc (NYSE:P) in a research report released on Friday morning. They currently have a $15.00 price target on the Internet radio service’s stock.

Several other brokerages also recently commented on P. BMO Capital Markets raised their price target on shares of Pandora Media to $13.00 in a report on Tuesday, February 21st. B. Riley reiterated a buy rating and issued a $15.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. William Blair reissued an outperform rating on shares of Pandora Media in a report on Tuesday, May 9th. Vetr raised shares of Pandora Media from a buy rating to a strong-buy rating and set a $14.48 price target on the stock in a report on Tuesday, February 28th. Finally, JMP Securities reissued a market perform rating on shares of Pandora Media in a report on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Pandora Media presently has an average rating of Hold and an average price target of $13.32.

Analyst Recommendations for Pandora Media (NYSE:P)

Shares of Pandora Media (NYSE:P) opened at 9.25 on Friday. The stock’s 50 day moving average price is $10.43 and its 200-day moving average price is $11.91. The company’s market cap is $2.22 billion. Pandora Media has a one year low of $8.92 and a one year high of $14.98. Pandora Media also was the recipient of some unusual options trading activity on Monday. Stock traders acquired 1,948 put options on the company. This is an increase of 216% compared to the average daily volume of 616 put options.

Pandora Media (NYSE:P) last announced its quarterly earnings results on Monday, May 8th. The Internet radio service reported ($0.37) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.13. Pandora Media had a negative net margin of 24.77% and a negative return on equity of 40.86%. The firm had revenue of $316 million during the quarter, compared to the consensus estimate of $318.15 million. During the same period last year, the firm earned ($0.20) EPS. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts expect that Pandora Media will post ($0.53) EPS for the current year.

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In related news, General Counsel Stephen G. Bene sold 6,161 shares of Pandora Media stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $9.38, for a total value of $57,790.18. Following the completion of the sale, the general counsel now directly owns 272,060 shares in the company, valued at approximately $2,551,922.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Douglas Martin sold 21,742 shares of Pandora Media stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $11.63, for a total transaction of $252,859.46. Following the completion of the sale, the insider now owns 278,569 shares of the company’s stock, valued at $3,239,757.47. The disclosure for this sale can be found here. Insiders sold a total of 71,384 shares of company stock worth $746,943 over the last 90 days. Company insiders own 6.64% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC bought a new stake in Pandora Media during the third quarter worth approximately $272,000. First Trust Advisors LP boosted its stake in Pandora Media by 29.5% in the third quarter. First Trust Advisors LP now owns 4,500,683 shares of the Internet radio service’s stock worth $64,495,000 after buying an additional 1,025,730 shares during the period. AO Asset Management LLC bought a new stake in Pandora Media during the third quarter worth approximately $5,974,000. BlackRock Inc. boosted its stake in Pandora Media by 16.9% in the third quarter. BlackRock Inc. now owns 39,180 shares of the Internet radio service’s stock worth $562,000 after buying an additional 5,676 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in Pandora Media by 3.9% in the third quarter. BlackRock Fund Advisors now owns 2,265,469 shares of the Internet radio service’s stock worth $32,464,000 after buying an additional 84,752 shares during the period.

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.

12 Month Chart for NYSE:P

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