US Bancorp DE boosted its position in Spotify (NASDAQ:SPOT) by 44.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,196 shares of the company’s stock after purchasing an additional 3,150 shares during the period. US Bancorp DE’s holdings in Spotify were worth $1,490,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gruss & Co. Inc. increased its stake in Spotify by 52.8% in the 1st quarter. Gruss & Co. Inc. now owns 6,075 shares of the company’s stock valued at $843,000 after purchasing an additional 2,100 shares in the last quarter. Baillie Gifford & Co. increased its position in Spotify by 1.8% during the second quarter. Baillie Gifford & Co. now owns 19,095,326 shares of the company’s stock worth $2,792,118,000 after buying an additional 333,366 shares in the last quarter. ARK Investment Management LLC increased its position in Spotify by 15.2% during the first quarter. ARK Investment Management LLC now owns 455,979 shares of the company’s stock worth $63,290,000 after buying an additional 60,137 shares in the last quarter. FMR LLC increased its position in Spotify by 47.8% during the first quarter. FMR LLC now owns 676,018 shares of the company’s stock worth $93,831,000 after buying an additional 218,639 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its position in Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after buying an additional 134 shares in the last quarter.
Several equities analysts have weighed in on SPOT shares. SunTrust Banks raised their price target on Spotify to $172.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus reissued a “buy” rating and set a $175.00 price target on shares of Spotify in a research report on Thursday, August 22nd. Raymond James raised their price target on Spotify from $172.00 to $180.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Pivotal Research reissued a “hold” rating and set a $150.00 price target (down previously from $155.00) on shares of Spotify in a research report on Wednesday, July 31st. Finally, Zacks Investment Research downgraded Spotify from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $159.71.
Spotify (NASDAQ:SPOT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Spotify’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.20) EPS.
Spotify Company Profile
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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