Pivotal Research Lowers Sirius XM (NASDAQ:SIRI) Price Target to $37.00

Sirius XM (NASDAQ:SIRI) had its target price cut by investment analysts at Pivotal Research from $40.00 to $37.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Pivotal Research’s price target suggests a potential upside of 32.85% from the stock’s previous close.

A number of other research analysts have also issued reports on SIRI. JPMorgan Chase & Co. started coverage on shares of Sirius XM in a report on Wednesday, October 9th. They issued an “underweight” rating and a $20.00 target price on the stock. Citigroup increased their target price on shares of Sirius XM from $2.80 to $21.00 and gave the stock a “sell” rating in a research report on Thursday, September 26th. The Goldman Sachs Group dropped their target price on shares of Sirius XM from $32.50 to $26.00 and set a “neutral” rating for the company in a research report on Tuesday, September 17th. Rosenblatt Securities reissued a “neutral” rating and set a $28.00 target price on shares of Sirius XM in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $43.00 target price on shares of Sirius XM in a research report on Tuesday, October 15th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.69.

Sirius XM Stock Performance

SIRI traded up $1.19 during trading on Friday, hitting $27.85. The stock had a trading volume of 8,508,033 shares, compared to its average volume of 3,445,942. The firm has a market capitalization of $10.72 billion, a P/E ratio of 8.44, a PEG ratio of 1.36 and a beta of 1.07. The company’s 50-day moving average price is $26.61 and its 200 day moving average price is $29.41. Sirius XM has a twelve month low of $22.18 and a twelve month high of $57.80.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. As a group, equities analysts expect that Sirius XM will post 3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Sirius XM

In related news, major shareholder Berkshire Hathaway Inc acquired 175,569 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were acquired at an average cost of $27.43 per share, for a total transaction of $4,815,857.67. Following the completion of the purchase, the insider now directly owns 110,276,790 shares in the company, valued at $3,024,892,349.70. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc bought 175,569 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were purchased at an average cost of $27.43 per share, with a total value of $4,815,857.67. Following the completion of the acquisition, the insider now directly owns 110,276,790 shares in the company, valued at approximately $3,024,892,349.70. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the transaction, the insider now directly owns 98,933 shares in the company, valued at approximately $3,126,282.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 2,646,761 shares of company stock worth $65,952,329. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp acquired a new position in Sirius XM during the first quarter worth about $2,036,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Sirius XM by 9.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,124,339 shares of the company’s stock valued at $4,325,000 after buying an additional 101,713 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Sirius XM by 1,205.4% during the 1st quarter. Bessemer Group Inc. now owns 452,570 shares of the company’s stock valued at $1,756,000 after buying an additional 417,900 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Sirius XM by 1.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 579,793 shares of the company’s stock valued at $2,250,000 after buying an additional 6,231 shares during the last quarter. Finally, Norden Group LLC lifted its holdings in shares of Sirius XM by 1,559.4% during the 1st quarter. Norden Group LLC now owns 242,172 shares of the company’s stock valued at $940,000 after buying an additional 227,578 shares during the last quarter. 10.69% of the stock is owned by institutional investors and hedge funds.

Sirius XM Company Profile

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company’s Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.