Castleark Management LLC bought a new stake in Pandora Media Inc (NYSE:P) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 647,620 shares of the Internet radio service’s stock, valued at approximately $5,103,000. Castleark Management LLC owned approximately 0.24% of Pandora Media at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of Pandora Media by 49.4% during the 2nd quarter. BlackRock Inc. now owns 17,619,581 shares of the Internet radio service’s stock worth $138,843,000 after purchasing an additional 5,829,889 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Pandora Media by 1.6% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 12,937,073 shares of the Internet radio service’s stock worth $101,944,000 after purchasing an additional 205,294 shares in the last quarter. Dorsal Capital Management LLC acquired a new stake in Pandora Media during the second quarter worth approximately $59,100,000. Point72 Asset Management L.P. boosted its position in Pandora Media by 91.0% during the first quarter. Point72 Asset Management L.P. now owns 7,199,893 shares of the Internet radio service’s stock worth $36,215,000 after acquiring an additional 3,430,893 shares during the last quarter. Finally, Soros Fund Management LLC boosted its position in Pandora Media by 42.5% during the second quarter. Soros Fund Management LLC now owns 7,123,275 shares of the Internet radio service’s stock worth $56,131,000 after acquiring an additional 2,123,275 shares during the last quarter.
Shares of P traded up $0.09 during midday trading on Friday, hitting $9.04. The company had a trading volume of 8,942,092 shares, compared to its average volume of 9,813,991. The company has a market capitalization of $2.53 billion, a P/E ratio of -7.29 and a beta of -0.64. Pandora Media Inc has a 52 week low of $4.09 and a 52 week high of $10.07. The company has a debt-to-equity ratio of 2.76, a quick ratio of 2.73 and a current ratio of 2.73.
A number of analysts recently issued reports on P shares. Wedbush set a $10.00 target price on shares of Pandora Media and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Canaccord Genuity set a $10.00 target price on shares of Pandora Media and gave the stock a “buy” rating in a research report on Wednesday, August 1st. B. Riley raised their target price on shares of Pandora Media from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research upgraded shares of Pandora Media from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a report on Saturday, August 4th. Finally, ValuEngine upgraded shares of Pandora Media from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Pandora Media presently has an average rating of “Hold” and a consensus target price of $8.32.
In other Pandora Media news, insider Karen Sammis Walker sold 16,528 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $8.11, for a total transaction of $134,042.08. Following the completion of the transaction, the insider now directly owns 701,007 shares of the company’s stock, valued at approximately $5,685,166.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO John Trimble sold 100,577 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $8.02, for a total transaction of $806,627.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 180,890 shares of company stock valued at $1,461,155. Insiders own 0.43% of the company’s stock.
Pandora Media Profile
Pandora Media, Inc provides music discovery platform services in the United States and internationally. The company offers streaming radio and on-demand music services, which enable the listeners to create personalized stations and playlists, as well as search and play songs and albums on-demand. It also provides Pandora?Ad-Supported Radio Service, an ad-supported service that allows listeners to access a catalog of music, comedy, livestreams, and podcasts through its personalized playlist generating system for free across its various delivery platforms, as well as Premium Access, a service to listeners to access on-demand listening experience; and Pandora Plus, a subscription radio service, which also includes replays, additional skipping of songs, offline listening, higher quality audio on supported devices, and longer timeout-free listening.
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