Daiwa Securities Group Inc. lessened its stake in Spotify (NASDAQ:SPOT) by 18.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,881 shares of the company’s stock after selling 3,235 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Spotify were worth $2,510,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Archford Capital Strategies LLC acquired a new stake in Spotify in the 2nd quarter valued at about $103,000. Financial Architects Inc acquired a new stake in Spotify in the 2nd quarter valued at about $154,000. Parallel Advisors LLC acquired a new stake in Spotify in the 2nd quarter valued at about $171,000. Benjamin F. Edwards & Company Inc. acquired a new stake in Spotify in the 2nd quarter valued at about $195,000. Finally, Thompson Davis & CO. Inc. acquired a new stake in Spotify in the 2nd quarter valued at about $202,000.
SPOT has been the subject of several research reports. Cfra restated a “buy” rating and issued a $245.00 price objective on shares of Spotify in a research report on Wednesday, September 19th. Guggenheim raised their target price on shares of Spotify from $175.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, September 26th. UBS Group raised shares of Spotify from a “neutral” rating to a “buy” rating in a research note on Monday, October 15th. Redburn Partners raised shares of Spotify to a “buy” rating in a research note on Monday, October 15th. Finally, Monness Crespi & Hardt initiated coverage on shares of Spotify in a research note on Monday, August 27th. They issued a “buy” rating and a $265.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $198.96.
Spotify stock opened at $138.06 on Friday. Spotify has a fifty-two week low of $131.01 and a fifty-two week high of $198.99.
Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Spotify’s revenue for the quarter was up 31.0% on a year-over-year basis.
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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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