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Hedge Funds Are Tuning Into Pandora Media Inc (P)

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At Insider Monkey we track the activity of some of the best-performing hedge funds like Appaloosa Management, Baupost, and Third Point because we determined that some of the stocks that they are collectively bullish on can help us generate returns above the broader indices. Out of thousands of stocks that hedge funds invest in, small-caps can provide the best returns over the long term due to the fact that these companies are less efficiently priced and are usually under the radars of the mass media, analysts and dumb money. This is why we follow the smart money moves in the small-cap space.

Pandora Media Inc (NYSE:P) has experienced an increase in hedge fund sentiment in recent months. Pandora was in 50 hedge funds’ portfolios at the end of the third quarter of 2016. There were 46 hedge funds in our database with Pandora positions at the end of the previous quarter. At the end of this article we will also compare P to other stocks including PriceSmart, Inc. (NASDAQ:PSMT), Tupperware Brands Corporation (NYSE:TUP), and LifePoint Hospitals, Inc. (NASDAQ:LPNT) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

silvano audisio/Shutterstock.com

silvano audisio/Shutterstock.com

How are hedge funds trading Pandora Media Inc (NYSE:P)?

At Q3’s end, a total of 50 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 9% gain from the previous quarter and the second-straight quarter in which hedge funds have moved more heavily into the stock. With hedgies’ sentiment swirling, there exists a few noteworthy hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
P
Of the funds tracked by Insider Monkey, Matrix Capital Management, managed by David Goel and Paul Ferri, holds the most valuable position in Pandora Media Inc (NYSE:P). Matrix Capital Management has a $326 million position in the stock, comprising 13.7% of its 13F portfolio. Coming in second is Eminence Capital, managed by Ricky Sandler, which holds a $166.3 million position; 2.8% of its 13F portfolio is allocated to the stock. Other professional money managers with similar optimism consist of Keith Meister’s Corvex Capital, Gilchrist Berg’s Water Street Capital, and Seymour Sy Kaufman and Michael Stark’s Crosslink Capital.

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