Ninety One UK Ltd Sells 150,383 Shares of Spotify (NYSE:SPOT)

Ninety One UK Ltd decreased its stake in Spotify (NYSE:SPOT) by 35.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 273,610 shares of the company’s stock after selling 150,383 shares during the quarter. Ninety One UK Ltd’s holdings in Spotify were worth $70,643,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Edge Wealth Management LLC boosted its stake in shares of Spotify by 700.0% in the 2nd quarter. Edge Wealth Management LLC now owns 104 shares of the company’s stock valued at $27,000 after purchasing an additional 91 shares in the last quarter. Berman Capital Advisors LLC increased its stake in shares of Spotify by 65.8% in the 2nd quarter. Berman Capital Advisors LLC now owns 126 shares of the company’s stock worth $32,000 after acquiring an additional 50 shares in the last quarter. Assetmark Inc. bought a new position in shares of Spotify in the 2nd quarter worth about $44,000. CWM LLC increased its stake in Spotify by 21.4% during the 2nd quarter. CWM LLC now owns 233 shares of the company’s stock valued at $60,000 after purchasing an additional 41 shares in the last quarter. Finally, Wexford Capital LP bought a new stake in Spotify during the 2nd quarter valued at about $77,000. 56.79% of the stock is owned by institutional investors.

A number of analysts have recently issued reports on the stock. Goldman Sachs Group raised their price target on shares of Spotify from $205.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Zacks Investment Research downgraded shares of Spotify from a “hold” rating to a “sell” rating in a report on Wednesday, August 5th. Pivotal Research restated a “hold” rating and issued a $200.00 price target on shares of Spotify in a research report on Wednesday, July 29th. Rosenblatt Securities lifted their price objective on shares of Spotify from $275.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Oppenheimer reissued a “hold” rating on shares of Spotify in a research note on Wednesday, July 29th. Seven research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $232.44.

Spotify stock traded down $3.06 during trading on Wednesday, hitting $234.85. The company’s stock had a trading volume of 5,338,306 shares, compared to its average volume of 2,083,076. The stock has a market capitalization of $42.64 billion, a price-to-earnings ratio of -74.23 and a beta of 1.57. The stock’s fifty day moving average is $258.98 and its 200 day moving average is $199.21. Spotify has a 1-year low of $109.18 and a 1-year high of $299.67. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.82 and a current ratio of 0.82.

Spotify (NYSE:SPOT) last released its earnings results on Wednesday, July 29th. The company reported ($1.91) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by ($1.42). The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.93 billion. Spotify had a negative net margin of 4.28% and a negative return on equity of 15.49%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.42) earnings per share. On average, research analysts anticipate that Spotify will post -3.84 EPS for the current fiscal year.

About Spotify

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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Institutional Ownership by Quarter for Spotify (NYSE:SPOT)

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