Millennium TVP Management Co. LLC Reduces Stake in Spotify (NASDAQ:SPOT)

Millennium TVP Management Co. LLC cut its position in shares of Spotify (NASDAQ:SPOT) by 26.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,170 shares of the company’s stock after selling 8,361 shares during the quarter. Spotify comprises 3.6% of Millennium TVP Management Co. LLC’s investment portfolio, making the stock its 4th biggest holding. Millennium TVP Management Co. LLC’s holdings in Spotify were worth $3,388,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its holdings in Spotify by 6.8% in the first quarter. Baillie Gifford & Co. now owns 18,761,960 shares of the company’s stock worth $2,604,161,000 after acquiring an additional 1,196,056 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt boosted its holdings in Spotify by 24.3% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,049,000 shares of the company’s stock worth $298,519,000 after acquiring an additional 400,000 shares in the last quarter. Swedbank bought a new stake in Spotify in the second quarter worth $134,757,000. Neuberger Berman Group LLC boosted its holdings in Spotify by 0.4% in the first quarter. Neuberger Berman Group LLC now owns 716,815 shares of the company’s stock worth $99,494,000 after acquiring an additional 2,665 shares in the last quarter. Finally, FMR LLC boosted its holdings in Spotify by 47.8% in the first quarter. FMR LLC now owns 676,018 shares of the company’s stock worth $93,831,000 after acquiring an additional 218,639 shares in the last quarter.

Spotify stock traded up $2.79 during mid-day trading on Friday, reaching $148.16. 20,458 shares of the stock traded hands, compared to its average volume of 1,609,808. Spotify has a 12-month low of $103.29 and a 12-month high of $196.95. The business’s 50-day moving average is $149.95 and its 200-day moving average is $141.84.



Spotify (NASDAQ:SPOT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. The firm’s revenue was up 31.0% compared to the same quarter last year. During the same quarter last year, the company posted ($2.20) EPS.

SPOT has been the topic of several analyst reports. Rosenblatt Securities reissued a “buy” rating on shares of Spotify in a report on Tuesday, April 30th. UBS Group downgraded Spotify from a “buy” rating to a “hold” rating and lowered their price target for the company from $155.00 to $150.00 in a report on Wednesday, July 31st. Loop Capital raised Spotify from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Nomura upped their price target on Spotify from $188.00 to $190.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $180.00 price target (up from $170.00) on shares of Spotify in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $172.25.

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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