Jennison Associates LLC Reduces Position in Spotify (SPOT)

Jennison Associates LLC cut its position in shares of Spotify (NASDAQ:SPOT) by 31.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 114,051 shares of the company’s stock after selling 51,357 shares during the period. Jennison Associates LLC’s holdings in Spotify were worth $20,624,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Bank of New York Mellon Corp bought a new stake in Spotify in the second quarter worth $6,459,000. AMP Capital Investors Ltd bought a new stake in Spotify in the second quarter worth $3,391,000. Tower Research Capital LLC TRC bought a new stake in Spotify in the second quarter worth $238,000. Stephens Investment Management Group LLC bought a new stake in Spotify in the second quarter worth $2,323,000. Finally, Addison Capital Co bought a new stake in Spotify in the third quarter worth $364,000.

SPOT stock opened at $129.41 on Friday. Spotify has a 1-year low of $120.49 and a 1-year high of $198.99.

Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.74. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. The business’s quarterly revenue was up 31.0% compared to the same quarter last year.

Several equities research analysts have commented on the company. Zacks Investment Research downgraded Spotify from a “buy” rating to a “hold” rating in a report on Wednesday, November 7th. Wells Fargo & Co dropped their target price on Spotify from $180.00 to $150.00 and set a “market perform” rating on the stock in a report on Monday, November 5th. JPMorgan Chase & Co. dropped their target price on Spotify from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, November 2nd. Canaccord Genuity dropped their target price on Spotify from $220.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Finally, Nomura dropped their target price on Spotify from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $198.96.

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About Spotify

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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Institutional Ownership by Quarter for Spotify (NASDAQ:SPOT)

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