Sirius XM (NASDAQ:SIRI) Rating Increased to Buy at Pivotal Research

Pivotal Research upgraded shares of Sirius XM (NASDAQ:SIRI) from a hold rating to a buy rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have $4.90 price target on the stock, down from their previous price target of $5.05.

Several other equities research analysts have also recently weighed in on SIRI. Wells Fargo & Company cut their price objective on shares of Sirius XM from $4.50 to $3.00 and set an underweight rating for the company in a research report on Monday, April 1st. Citigroup raised shares of Sirius XM from a sell rating to a neutral rating and cut their price objective for the stock from $4.10 to $3.30 in a research report on Wednesday. Guggenheim began coverage on shares of Sirius XM in a research report on Thursday, March 14th. They set a neutral rating and a $4.00 price objective for the company. Benchmark cut their price objective on shares of Sirius XM from $7.00 to $6.50 and set a buy rating for the company in a research report on Wednesday, March 27th. Finally, StockNews.com started coverage on shares of Sirius XM in a research report on Sunday. They set a hold rating for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $4.67.

Sirius XM Stock Performance

Shares of Sirius XM stock opened at $3.16 on Wednesday. The firm has a 50-day moving average of $3.92 and a 200-day moving average of $4.62. The stock has a market cap of $12.15 billion, a PE ratio of 9.88, a PEG ratio of 1.06 and a beta of 1.04. Sirius XM has a 52-week low of $3.04 and a 52-week high of $7.95.

Sirius XM (NASDAQ:SIRI) last announced its earnings results on Thursday, February 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Sirius XM had a net margin of 14.05% and a negative return on equity of 42.54%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Equities research analysts predict that Sirius XM will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joseph A. Inzerillo sold 107,611 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $4.90, for a total value of $527,293.90. Following the completion of the transaction, the insider now owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Joseph A. Inzerillo sold 107,611 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $4.90, for a total value of $527,293.90. Following the completion of the transaction, the insider now owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Meyer sold 800,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the transaction, the director now directly owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Sirius XM by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 54,682,133 shares of the company’s stock valued at $299,111,000 after buying an additional 363,551 shares during the period. Berkshire Hathaway Inc boosted its holdings in Sirius XM by 315.6% in the fourth quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock valued at $220,130,000 after acquiring an additional 30,559,834 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Sirius XM by 482.9% in the third quarter. AQR Capital Management LLC now owns 14,641,104 shares of the company’s stock valued at $66,178,000 after acquiring an additional 12,129,166 shares during the last quarter. Northern Trust Corp boosted its holdings in Sirius XM by 18.7% in the third quarter. Northern Trust Corp now owns 11,256,094 shares of the company’s stock valued at $50,878,000 after acquiring an additional 1,776,700 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Sirius XM by 169.6% in the third quarter. New York State Common Retirement Fund now owns 10,303,486 shares of the company’s stock valued at $46,572,000 after acquiring an additional 6,482,109 shares during the last quarter. Institutional investors and hedge funds own 10.69% of the company’s stock.

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.