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Top Buys by Top Brass: CFO Herring's $460.6K Bet on P

By Market News Video Staff, Wednesday, May 4, 12:17 PM ET
Play Video: One Reason For Insiders to Buy

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A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $460.6K by Michael S. Herring, CFO at Pandora Media Inc (NYSE:P).

Herring bets big on P:

Purchased Insider Title Shares Price/Share Value
05/02/2016 Michael S. Herring President & CFO 50,000 $9.21 $460,640.00

Herring's average cost works out to $9.21/share. In trading on Wednesday, bargain hunters could buy shares of Pandora Media Inc (NYSE:P) and achieve a cost basis lower than Herring, with shares changing hands as low as $8.80 per share. Shares of Pandora Media Inc were changing hands at $9.29 at last check, trading up about 6.9% on Wednesday. The chart below shows the one year performance of P shares, versus its 200 day moving average:

Pandora Media Inc Chart

Looking at the chart above, P's low point in its 52 week range is $7.10 per share, with $22.60 as the 52 week high point that compares with a last trade of $9.29.

According to the ETF Finder at ETF Channel, P makes up 2.20% of the Social Media Index ETF (NASDAQ:SOCL) which is trading up by about 0.2% on the day Wednesday.

See what other ETFs contain P
See what other stocks are held by SOCL

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