Stephens Investment Management Group LLC lifted its stake in shares of Spotify (NYSE:SPOT) by 17.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,071 shares of the company’s stock after buying an additional 8,763 shares during the period. Stephens Investment Management Group LLC’s holdings in Spotify were worth $15,252,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Edge Wealth Management LLC boosted its position in Spotify by 700.0% in the second quarter. Edge Wealth Management LLC now owns 104 shares of the company’s stock worth $27,000 after purchasing an additional 91 shares during the last quarter. Berman Capital Advisors LLC boosted its position in Spotify by 65.8% in the second quarter. Berman Capital Advisors LLC now owns 126 shares of the company’s stock worth $32,000 after purchasing an additional 50 shares during the last quarter. Ameritas Investment Company LLC purchased a new position in Spotify in the first quarter worth $42,000. Assetmark Inc. purchased a new position in Spotify in the second quarter worth $44,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Spotify in the first quarter worth $45,000. 56.79% of the stock is currently owned by institutional investors.
Several research firms have weighed in on SPOT. Guggenheim cut Spotify from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $170.00 to $223.00 in a research report on Monday, June 29th. ValuEngine raised Spotify from a “hold” rating to a “buy” rating in a research report on Thursday, August 6th. UBS Group cut Spotify from a “buy” rating to a “sell” rating and upped their price target for the company from $189.00 to $204.00 in a research report on Tuesday, July 14th. Loop Capital upped their price target on Spotify from $150.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, July 30th. Finally, Deutsche Bank upped their price target on Spotify from $144.00 to $240.00 and gave the company a “hold” rating in a research report on Thursday, July 30th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Spotify presently has a consensus rating of “Hold” and a consensus price target of $232.44.
NYSE SPOT traded down $4.14 during trading on Wednesday, reaching $233.77. The company’s stock had a trading volume of 159,578 shares, compared to its average volume of 2,064,783. The stock has a market capitalization of $42.64 billion, a PE ratio of -70.35 and a beta of 1.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a fifty day moving average of $258.98 and a 200 day moving average of $199.21. Spotify has a one year low of $109.18 and a one year high of $299.67.
Spotify (NYSE:SPOT) last announced its earnings results on Wednesday, July 29th. The company reported ($1.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($1.42). The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.93 billion. Spotify had a negative return on equity of 15.49% and a negative net margin of 4.28%. Spotify’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.42) earnings per share. Research analysts expect that Spotify will post -3.84 earnings per share for the current fiscal year.
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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