Crosslink Capital, managed by Seymour Sy Kaufman and Michael Stark, continues to reduce its exposure to Pandora Media Inc. (NYSE:P). In a new filing with the U.S. Securities and Exchange Commission, Crosslink Capital disclosed that it sold 142,000 shares of the company in two transactions at approximately $27 apiece. Following the sale, Crosslink Capital still owns 10.76 million shares of the company’s common stock. In its latest 13F filing, the fund reported holding 13.85 million shares of Pandora Media Inc. (NYSE:P).
Pandora Media Inc. (NYSE:P) is an Internet radio service company in the United States, and has a market cap of $5.3 billion. Analysts have the consensus average target price of $34.70 for the stock, while the consensus average recommendation is ‘Overweight’.
Earlier in February, Crosslink Capital reported selling 200,000 shares of Pandora Media Inc. (NYSE:P) at a price of $37.31 each.
For full-year 2014, Pandora Media Inc. (NYSE:P) expects non-GAAP revenue to be in the range of $895 million to $915 million, up from prior full-year guidance of $880 million to $900 million. The company also revised its non-GAAP diluted EPS for 2014, which is now expected to be between $0.16 and $0.19, up from prior full-year guidance of $0.14 and $0.18. For the second quarter ended June 30, 2014, the company reported a 39% year-over-year increase in advertising revenue to $177.3 million. Its total revenue for the quarter amounted to $218.9 million, which represents a 38% year-over-year increase on a non-GAAP basis, according to a news release.
Other hedge funds holding stakes in Pandora Media Inc. (NYSE:P) include JAT Capital Management, led by John Thaler, which owns 4.62 million shares, and Donald Chiboucis‘ Columbus Circle Investors, which holds 4.44 million shares of the company.
Crosslink Capital invests in companies at all stages from seed financing to the public markets. Its stock holdings tend to be in the technology sector or have some tie to technology. Co-founder Michael Stark serves as the portfolio manager for the fund’s publicly traded investments.