Cisco rose 1.74 percent, or 48 cents, to $28.01, as it sold off its TV set-top business to France’s Technicolor for $600 million. The Insider selling transaction had a total value worth of $569,700. AAPL, -0.05% debuted a competitive service, but investors reversed the trend Thursday after the Internet radio service claimed no ill effects from its new rival and showed it can make more money from a free music service. Finally, analysts at Needham & Company LLC reiterated a “buy” rating on shares of Pandora Media in a research note on Thursday, July 9th. Adjusted EBITDA excludes $27.5 million in expense from stock-based compensation, $5 million of depreciation and amortization expense, $300k of other income and $100k of provision for income taxes.
Advertisement
As of this writing, shares of AT&T were down 0.03% at $33.90 per share in after-hours trading. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nineteen have issued a buy rating to the stock. Analysts at Canaccord Genuity reiterated a buy rating and set a $26.00 price target on shares of Pandora Media in a research note on Tuesday. The company presently has an average rating of “Buy” and a consensus price target of $20.82. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
So far on the year, shares of Pandora have suffered and are down 22%. In the same quarter last year, the phone company reported revenue of $32.58 billion and adjusted earnings of 62 cents per share. Analysts expect that Pandora Media will post $0.19 EPS for the current fiscal year. In the same period of the previous year, it posted EPS of $0.04 and $218.89 million in revenue.
Full-year revenue is expected to be in the range of $1.175 billion to $1.185 billion.
Advertisement
Pandora Media, Inc. (Pandora), is an Internet radio in the United States. It boasts a 60 million monthly user base with 15 million paid subscribers. When a listener enters a single song, artist or genre to start a station, a process it calls seeding, the Pandora service generates a station that plays music it think that listener will enjoy. Local advertising revenue grew by 67% year-over-year. Also, cybersecurity firm Fortinet soars after beating earnings expectations, and Amazon posts a stunning profit, thanks to its cloud services. The Companys service enables its listeners to create up to 100 personalized stations. As a result, Pandora announced back in May that it agreed to acquire Next Big Sound, a provider of online music analytics.
