Crosslink Capital Cuts Stake in Pandora Media Inc (P); ESL Investments Sells Some More AutoNation, Inc. (AN) Shares

Crosslink Capital, managed by Seymour Sy Kaufman and Michael Stark, has further reduced its exposure to Pandora Media Inc (NYSE:P). According to a recent Form 4 filing with the Securities and Exchange Commission, the fund has disposed of 200,000 shares at a price of $37.31 each. Following this transaction, Crosslink Capital is left with a little more than 18 million shares.

ESL INVESTMENTS

Pandora Media Inc (NYSE:P)  has a market cap of $7.7 billion and does not pay a dividend. Shares are traded at a forward Price to Earnings (P/E) ratio of 85.33 and have a beta of 0.54. For the three months ended October 31, 2013, the company reported revenues of $120 million and earnings of $0.01 per share. Analysts expect Pandora Media to increase its revenues in the current quarter, with estimates around $175 million, while the earnings per share are expected to go into red, with market participants expecting a loss of $0.14 per share. In another filing, Edward Lampert's ESL Investments has further reduced its stake in AutoNation, Inc. (NYSE:AN). A recent filing with the Securities and Exchange Commission has revealed that Lampert sold more than 1.8 million shares in 15 transactions at prices varying between $51.2 and $52 per unit. As a result, ESL Investments is left with 27.4 million shares, of which 14.4 are directly owned. An automotive retailer, AutoNation, Inc. (NYSE:AN) has a market cap of $6.24 billion and does not pay a dividend. Shares are currently traded at a trailing P/E ratio of 17.22 and have a beta of 0.94. For the fourth quarter of 2013, the company registered revenues of $4.52 billion and earnings of $0.89 per diluted share. Market analysts expect the company to perform a little worse in the current quarter, expecting revenues of $4.37 billion and EPS of $0.76. Disclosure: none. Recommended reading: Corvex Capital Ups Its Stake in Williams Companies, Inc. (WMB); Soroban’s Eric Mandelblatt To Join Company’s Board Hedge Fund News: Carl Icahn, John Paulson & Paul Singer Elliott Management Nominates Directors to Juniper Networks (JNPR)’s Board
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