Frontier Wealth Management LLC increased its position in Spotify (NASDAQ:SPOT) by 163.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,442 shares of the company’s stock after purchasing an additional 7,094 shares during the quarter. Frontier Wealth Management LLC’s holdings in Spotify were worth $1,673,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Cowen Prime Services LLC bought a new position in Spotify in the second quarter worth $29,000. AdvisorNet Financial Inc lifted its position in Spotify by 148.9% in the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after purchasing an additional 134 shares during the period. Meridian Wealth Management LLC bought a new position in Spotify in the second quarter worth $36,000. Icon Wealth Partners LLC bought a new position in Spotify in the first quarter worth $42,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Spotify by 253.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 491 shares of the company’s stock worth $68,000 after purchasing an additional 352 shares during the period.
Several research analysts have issued reports on SPOT shares. Wells Fargo & Co started coverage on Spotify in a research note on Monday. They set an “underperform” rating and a $115.00 price objective for the company. Morgan Stanley reiterated an “overweight” rating and set a $180.00 price objective (up from $170.00) on shares of Spotify in a research note on Thursday, August 1st. SunTrust Banks increased their price objective on Spotify to $172.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Pivotal Research reiterated a “hold” rating and set a $150.00 price objective (down from $155.00) on shares of Spotify in a research note on Wednesday, July 31st. Finally, Raymond James increased their price objective on Spotify from $172.00 to $180.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Spotify has an average rating of “Hold” and a consensus target price of $159.71.
Spotify (NASDAQ:SPOT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share 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 analyst estimates of $1.64 billion. During the same quarter last year, the business posted ($2.20) earnings per share. The business’s quarterly revenue was up 31.0% compared to the same quarter last year.
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.
Featured Story: Day Trading – Risk Worth the Reward?
Receive News & Ratings for Spotify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify and related companies with MarketBeat.com's FREE daily email newsletter.