Westpac Banking Corp raised its stake in Pandora Media Inc. (NYSE:P) by 13.7% during the second quarter, Holdings Channel reports. The firm owned 82,760 shares of the Internet radio service’s stock after buying an additional 10,000 shares during the period. Westpac Banking Corp’s holdings in Pandora Media were worth $1,030,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jackson Square Partners LLC boosted its stake in shares of Pandora Media by 83.2% in the first quarter. Jackson Square Partners LLC now owns 11,291,361 shares of the Internet radio service’s stock valued at $101,057,000 after buying an additional 5,127,147 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Pandora Media during the second quarter valued at about $27,108,000. Cornerstone Capital Management LLC boosted its stake in shares of Pandora Media by 17.5% in the second quarter. Cornerstone Capital Management LLC now owns 5,051,243 shares of the Internet radio service’s stock valued at $62,888,000 after buying an additional 753,567 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Pandora Media by 3.2% in the second quarter. Vanguard Group Inc. now owns 15,383,890 shares of the Internet radio service’s stock valued at $191,529,000 after buying an additional 474,859 shares during the last quarter. Finally, Societe Generale purchased a new stake in shares of Pandora Media during the second quarter valued at about $2,757,000.
Shares of Pandora Media Inc. (NYSE:P) opened at 14.33 on Friday. The company’s market cap is $3.31 billion. Pandora Media Inc. has a 1-year low of $7.10 and a 1-year high of $22.20. The company has a 50 day moving average of $13.88 and a 200 day moving average of $11.78.
Pandora Media (NYSE:P) last released its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. The firm earned $343 million during the quarter, compared to the consensus estimate of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. Equities analysts expect that Pandora Media Inc. will post ($0.39) earnings per share for the current fiscal year.
P has been the topic of several research reports. B. Riley restated a “buy” rating and set a $15.00 price objective on shares of Pandora Media in a research note on Tuesday, June 28th. Axiom Securities upgraded Pandora Media from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Thursday, June 9th. Citigroup Inc. restated a “buy” rating and set a $16.00 price objective on shares of Pandora Media in a research note on Wednesday, June 8th. Albert Fried & Company reaffirmed a “buy” rating on shares of Pandora Media in a report on Monday, June 13th. Finally, Vetr lowered Pandora Media from a “strong-buy” rating to a “buy” rating and set a $12.97 target price for the company. in a report on Monday, June 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $15.81.
In other news, insider Christopher W. Phillips sold 12,274 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $12.15, for a total transaction of $149,129.10. Following the completion of the sale, the insider now directly owns 288,878 shares in the company, valued at $3,509,867.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Douglas Martin sold 2,000 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $13.21, for a total transaction of $26,420.00. Following the sale, the insider now owns 342,896 shares of the company’s stock, valued at $4,529,656.16. The disclosure for this sale can be found here. Insiders own 6.64% of the company’s stock.
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.
Want to see what other hedge funds are holding P? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pandora Media Inc. (NYSE:P).
Receive News & Ratings for Pandora Media Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pandora Media Inc. and related companies with MarketBeat.com's FREE daily email newsletter.