Stephens Inc. AR boosted its position in Spotify (NASDAQ:SPOT) by 8.3% during the second quarter, Holdings Channel reports. The institutional investor owned 2,953 shares of the company’s stock after purchasing an additional 227 shares during the quarter. Stephens Inc. AR’s holdings in Spotify were worth $432,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in SPOT. Pier Capital LLC bought a new position in shares of Spotify during the 1st quarter valued at about $493,000. Ardevora Asset Management LLP bought a new position in shares of Spotify during the 1st quarter valued at about $28,135,000. Sycomore Asset Management lifted its holdings in shares of Spotify by 43.4% during the 1st quarter. Sycomore Asset Management now owns 37,000 shares of the company’s stock valued at $5,136,000 after purchasing an additional 11,200 shares in the last quarter. Element Pointe Advisors LLC bought a new position in shares of Spotify during the 1st quarter valued at about $862,000. Finally, LA Financiere DE L Echiquier lifted its holdings in shares of Spotify by 16.5% during the 1st quarter. LA Financiere DE L Echiquier now owns 2,126 shares of the company’s stock valued at $295,000 after purchasing an additional 301 shares in the last quarter.
A number of equities research analysts recently issued reports on SPOT shares. Stifel Nicolaus lifted their target price on Spotify from $170.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Nomura lifted their target price on Spotify from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Consumer Edge started coverage on Spotify in a research report on Tuesday. They issued an “equal weight” rating on the stock. Pivotal Research reissued a “hold” rating and issued a $150.00 target price (down previously from $155.00) on shares of Spotify in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities reissued a “buy” rating on shares of Spotify in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $172.25.
Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.04. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. The firm’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same period last year, the firm earned ($2.20) EPS.
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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