Stansberry Asset Management LLC raised its stake in shares of Spotify (NASDAQ:SPOT) by 1.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,124 shares of the company’s stock after acquiring an additional 179 shares during the quarter. Stansberry Asset Management LLC’s holdings in Spotify were worth $2,065,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Cowen Prime Services LLC acquired a new stake in shares of Spotify in the second quarter valued at $29,000. AdvisorNet Financial Inc increased its stake in shares of Spotify by 148.9% in the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock valued at $33,000 after buying an additional 134 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Spotify in the second quarter valued at $36,000. Catalyst Capital Advisors LLC increased its stake in shares of Spotify by 86.8% in the first quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock valued at $37,000 after buying an additional 125 shares in the last quarter. Finally, Icon Wealth Partners LLC acquired a new stake in shares of Spotify in the first quarter valued at $42,000.
A number of brokerages have recently weighed in on SPOT. Evercore ISI lowered Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 target price for the company. in a research note on Monday, June 24th. Stifel Nicolaus restated a “buy” rating and issued a $175.00 target price on shares of Spotify in a research note on Thursday, August 22nd. Raymond James raised their target price on Spotify from $172.00 to $180.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. SunTrust Banks raised their target price on Spotify to $172.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Pivotal Research restated a “hold” rating and issued a $150.00 target price (down from $155.00) on shares of Spotify in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $164.73.
Spotify (NASDAQ:SPOT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. Spotify’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($2.20) earnings per share.
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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