Arden Trust Co Increases Stock Holdings in Spotify (NYSE:SPOT)

Arden Trust Co boosted its holdings in Spotify (NYSE:SPOT) by 16.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,997 shares of the company’s stock after buying an additional 426 shares during the quarter. Arden Trust Co’s holdings in Spotify were worth $727,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Alliancebernstein L.P. grew its holdings in Spotify by 100.6% in the first quarter. Alliancebernstein L.P. now owns 123,781 shares of the company’s stock valued at $15,032,000 after purchasing an additional 62,081 shares during the period. Geode Capital Management LLC increased its holdings in shares of Spotify by 20.3% during the 1st quarter. Geode Capital Management LLC now owns 301,767 shares of the company’s stock worth $36,666,000 after buying an additional 50,925 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Spotify by 14.1% in the 1st quarter. Wells Fargo & Company MN now owns 315,595 shares of the company’s stock worth $38,326,000 after buying an additional 39,087 shares during the period. Eaton Vance Management boosted its holdings in Spotify by 0.9% in the first quarter. Eaton Vance Management now owns 36,139 shares of the company’s stock valued at $4,389,000 after acquiring an additional 311 shares during the last quarter. Finally, CIBC World Markets Inc. purchased a new stake in Spotify during the first quarter valued at about $243,000. Hedge funds and other institutional investors own 56.79% of the company’s stock.

NYSE SPOT opened at $262.55 on Friday. The company has a market capitalization of $47.06 billion, a price-to-earnings ratio of -82.82 and a beta of 1.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.82. Spotify has a 12 month low of $109.18 and a 12 month high of $299.67. The company’s fifty day moving average price is $249.11 and its two-hundred day moving average price is $216.38.

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

Several equities analysts have recently weighed in on the company. Oppenheimer reaffirmed a “hold” rating on shares of Spotify in a research note on Wednesday, July 29th. Sanford C. Bernstein cut shares of Spotify to a “sell” rating in a research report on Tuesday, July 14th. Loop Capital increased their price objective on shares of Spotify from $150.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, July 30th. Barclays lifted their target price on shares of Spotify from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Morgan Stanley reiterated a “buy” rating and issued a $275.00 price target on shares of Spotify in a report on Tuesday, July 28th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Spotify currently has a consensus rating of “Hold” and an average target price of $239.37.

Spotify Profile

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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