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

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

Other equities analysts have also recently issued reports about the stock. Bank of America reaffirmed an “underperform” rating and set a $23.00 price target on shares of Sirius XM in a research note on Thursday, October 24th. Rosenblatt Securities restated a “neutral” rating and issued a $28.00 price target on shares of Sirius XM in a report on Tuesday. Guggenheim upgraded shares of Sirius XM from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Wednesday, September 18th. StockNews.com started coverage on shares of Sirius XM in a report on Monday. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Sirius XM from $37.50 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Sirius XM has a consensus rating of “Hold” and an average price target of $29.69.

Sirius XM Stock Performance

Shares of NASDAQ:SIRI traded up $1.19 on Friday, reaching $27.85. The company’s stock had a trading volume of 8,508,033 shares, compared to its average volume of 3,445,942. Sirius XM has a 52-week low of $22.18 and a 52-week high of $57.80. The company has a 50-day simple moving average of $26.61 and a 200 day simple moving average of $29.41. The company has a market cap of $10.72 billion, a P/E ratio of 8.44, a PEG ratio of 1.36 and a beta of 1.07.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. On average, equities research analysts forecast that Sirius XM will post 3.04 EPS for the current fiscal year.

Insider Activity

In other Sirius XM news, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were acquired at an average cost of $24.95 per share, with a total value of $31,418,512.05. Following the acquisition, the insider now directly owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other Sirius XM news, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were acquired at an average cost of $24.95 per share, with a total value of $31,418,512.05. Following the acquisition, the insider now directly owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the sale, the insider now directly owns 98,933 shares in the company, valued at $3,126,282.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 2,646,761 shares of company stock valued at $65,952,329 in the last ninety days. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

Large investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Sirius XM by 2.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,099,258 shares of the company’s stock worth $8,145,000 after purchasing an additional 50,323 shares during the period. Norden Group LLC lifted its stake in Sirius XM by 1,559.4% in the first quarter. Norden Group LLC now owns 242,172 shares of the company’s stock worth $940,000 after acquiring an additional 227,578 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Sirius XM by 32.9% in the first quarter. Principal Financial Group Inc. now owns 54,026 shares of the company’s stock worth $210,000 after acquiring an additional 13,364 shares during the last quarter. Van ECK Associates Corp purchased a new position in Sirius XM in the first quarter worth approximately $2,036,000. Finally, Janney Montgomery Scott LLC lifted its stake in Sirius XM by 239.2% in the first quarter. Janney Montgomery Scott LLC now owns 181,072 shares of the company’s stock worth $703,000 after acquiring an additional 127,689 shares during the last quarter. 10.69% of the stock is currently owned by institutional investors and hedge funds.

About Sirius XM

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.