Sirius XM (NASDAQ:SIRI) Stock Rating Raised to "Buy" at The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Sirius XM from “neutral” to “buy” and set a $37 price target, implying approximately 25% upside from the stock’s $29.57 opening price.
• Analyst sentiment remains mixed: nine analysts rate the stock a buy, seven a hold and three a sell, producing a consensus “hold” rating with an average price target of $33.08.
• Sirius XM slightly exceeded quarterly EPS expectations, reporting $0.78 versus the $0.77 estimate, while revenue of $2.15 billion fell just short of expectations and declined 0.4% year over year.

Sirius XM (NASDAQ:SIRI - Get Free Report) was upgraded by equities researchers at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage currently has a $37.00 price objective on the stock. The Goldman Sachs Group's price target indicates a potential upside of 25.13% from the company's current price.

A number of other equities analysts also recently issued reports on the stock. Bank of America reaffirmed an "underperform" rating on shares of Sirius XM in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft upgraded shares of Sirius XM from a "hold" rating to a "buy" rating and upped their target price for the stock from $31.00 to $45.00 in a research note on Wednesday, September 2nd. TD Cowen downgraded shares of Sirius XM to a "hold" rating in a report on Wednesday, September 2nd. Rosenblatt Securities set a $47.00 target price on shares of Sirius XM and gave the company a "buy" rating in a report on Friday. Finally, Guggenheim reissued a "buy" rating on shares of Sirius XM in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Sirius XM has a consensus rating of "Hold" and an average price target of $33.08.

Sirius XM Stock Up 1.9%

SIRI stock opened at $29.57 on Tuesday. The firm has a market capitalization of $9.97 billion, a PE ratio of 12.12, a P/E/G ratio of 0.50 and a beta of 0.98. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.79. Sirius XM has a twelve month low of $19.76 and a twelve month high of $32.66. The stock's 50 day moving average is $27.54 and its 200-day moving average is $26.21.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.16 billion. Sirius XM had a return on equity of 9.37% and a net margin of 10.23%. Sirius XM's revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 earnings per share. Sell-side analysts expect that Sirius XM will post 3.00 EPS for the current fiscal year.

Insider Transactions at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the sale, the director directly owned 18,354 shares of the company's stock, valued at $550,069.38. This trade represents a 47.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sirius XM

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its position in Sirius XM by 82.9% during the second quarter. BlackRock Inc. now owns 17,602,229 shares of the company's stock valued at $519,970,000 after buying an additional 7,977,045 shares during the period. State Street Corp raised its position in Sirius XM by 68.9% in the second quarter. State Street Corp now owns 5,992,497 shares of the company's stock worth $177,018,000 after acquiring an additional 2,444,881 shares during the period. Dimensional Fund Advisors LP raised its position in Sirius XM by 262.1% in the first quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company's stock worth $145,426,000 after acquiring an additional 4,560,821 shares during the period. Bank of New York Mellon Corp boosted its stake in Sirius XM by 38.3% in the second quarter. Bank of New York Mellon Corp now owns 3,012,240 shares of the company's stock valued at $88,982,000 after acquiring an additional 834,479 shares during the last quarter. Finally, Check Capital Management Inc. CA boosted its stake in Sirius XM by 2.0% in the first quarter. Check Capital Management Inc. CA now owns 2,942,595 shares of the company's stock valued at $67,915,000 after acquiring an additional 59,095 shares during the last quarter. 10.69% of the stock is currently owned by institutional investors.

Sirius XM Company Profile

Sirius XM Holdings Inc is a media and entertainment company that provides subscription-based audio programming through its SiriusXM service. The company delivers a broad range of commercial-free music, live sports, news, talk and entertainment programming, including exclusive channels, original shows and coverage of major events.

SiriusXM content is distributed primarily through satellite radio and internet streaming. Subscribers can access the service in vehicles, through the SiriusXM mobile app and website, and on supported connected devices.

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