State of Wisconsin Investment Board Decreases Position in Pandora Media, Inc. (P)
State of Wisconsin Investment Board reduced its stake in shares of Pandora Media, Inc. (NYSE:P) by 63.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,804 shares of the Internet radio service’s stock after selling 75,572 shares during the period. State of Wisconsin Investment Board’s holdings in Pandora Media were worth $517,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its position in Pandora Media by 9.8% in the fourth quarter. Franklin Resources Inc. now owns 13,315 shares of the Internet radio service’s stock valued at $174,000 after buying an additional 1,190 shares during the period. Menta Capital LLC bought a new position in Pandora Media during the fourth quarter valued at approximately $425,000. AlphaOne Investment Services LLC bought a new position in Pandora Media during the fourth quarter valued at approximately $958,000. Pacad Investment Ltd. bought a new position in Pandora Media during the fourth quarter valued at approximately $451,000. Finally, Asset Management One Co. Ltd. raised its position in Pandora Media by 224.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 30,758 shares of the Internet radio service’s stock valued at $401,000 after buying an additional 21,283 shares during the period.
Shares of Pandora Media, Inc. (P) opened at 6.99 on Friday. The company’s market cap is $1.68 billion. Pandora Media, Inc. has a one year low of $6.98 and a one year high of $14.98. The company’s 50-day moving average price is $9.27 and its 200 day moving average price is $11.63.
Pandora Media (NYSE:P) last announced its quarterly earnings data on Monday, May 8th. The Internet radio service reported ($0.37) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.13. Pandora Media had a negative net margin of 25.66% and a negative return on equity of 45.15%. The business had revenue of $316 million for the quarter, compared to analyst estimates of $318.15 million. During the same period in the prior year, the business posted ($0.20) earnings per share. Pandora Media’s revenue was up 6.3% compared to the same quarter last year. Equities analysts forecast that Pandora Media, Inc. will post ($0.51) EPS for the current fiscal year.
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P has been the subject of several recent analyst reports. BMO Capital Markets raised their target price on Pandora Media to $13.00 in a research note on Tuesday, February 21st. Vetr upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $14.48 target price for the company in a research note on Tuesday, February 21st. Zacks Investment Research upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Friday, February 17th. Wedbush restated an “outperform” rating and set a $15.00 target price on shares of Pandora Media in a research note on Monday, March 13th. Finally, Pacific Crest restated an “underweight” rating on shares of Pandora Media in a research note on Saturday, March 11th. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $13.53.
In related news, EVP David Gerbitz sold 8,103 shares of the 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 $76,006.14. Following the transaction, the executive vice president now directly owns 255,943 shares in the company, valued at $2,400,745.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Stephen G. Bene sold 6,161 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $9.38, for a total transaction of $57,790.18. Following the completion of the transaction, the general counsel now owns 272,060 shares in the company, valued at $2,551,922.80. The disclosure for this sale can be found here. Insiders sold 46,642 shares of company stock worth $446,234 over the last 90 days. 6.64% of the stock is currently owned by company insiders.
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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