UBS Asset Management Americas Inc. boosted its stake in Spotify (NYSE:SPOT) by 265.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,030 shares of the company’s stock after buying an additional 47,230 shares during the period. UBS Asset Management Americas Inc.’s holdings in Spotify were worth $9,509,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. grew its position in Spotify by 1.8% in the 2nd quarter. Baillie Gifford & Co. now owns 19,095,326 shares of the company’s stock valued at $2,792,118,000 after buying an additional 333,366 shares in the last quarter. ARK Investment Management LLC grew its position in Spotify by 15.2% in the 1st quarter. ARK Investment Management LLC now owns 455,979 shares of the company’s stock valued at $63,290,000 after buying an additional 60,137 shares in the last quarter. FMR LLC grew its position in Spotify by 47.8% in the 1st quarter. FMR LLC now owns 676,018 shares of the company’s stock valued at $93,831,000 after buying an additional 218,639 shares in the last quarter. AdvisorNet Financial Inc grew its position in Spotify by 148.9% in the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock valued at $33,000 after buying an additional 134 shares in the last quarter. Finally, Toronto Dominion Bank bought a new position in Spotify in the 2nd quarter valued at about $336,000. Hedge funds and other institutional investors own 49.05% of the company’s stock.
Shares of NYSE:SPOT traded down $0.01 during trading hours on Thursday, hitting $113.89. 40,835 shares of the company’s stock traded hands, compared to its average volume of 1,424,273. Spotify has a 52 week low of $103.29 and a 52 week high of $180.66. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.76 and a current ratio of 0.76. The company’s fifty day simple moving average is $126.33 and its two-hundred day simple moving average is $142.11. The company has a market cap of $20.35 billion, a price-to-earnings ratio of -189.63 and a beta of 1.87.
A number of equities analysts recently issued reports on SPOT shares. Consumer Edge started coverage on shares of Spotify in a research report on Tuesday, August 20th. They issued an “equal weight” rating for the company. Rosenblatt Securities set a $184.00 target price on shares of Spotify and gave the company a “buy” rating in a research report on Sunday. Credit Suisse Group upgraded shares of Spotify from an “underperform” rating to a “neutral” rating and set a $120.00 target price for the company in a research report on Tuesday. UBS Group lowered shares of Spotify from a “buy” rating to a “hold” rating and reduced their price objective for the company from $155.00 to $150.00 in a research report on Wednesday, July 31st. Finally, Morgan Stanley restated an “overweight” rating and set a $180.00 price objective (up previously from $170.00) on shares of Spotify in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $160.27.
Spotify Company 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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