AlpInvest Partners B.V. cut its stake in Spotify (NASDAQ:SPOT) by 33.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,554 shares of the company’s stock after selling 4,770 shares during the period. Spotify comprises about 1.3% of AlpInvest Partners B.V.’s investment portfolio, making the stock its 15th largest position. AlpInvest Partners B.V.’s holdings in Spotify were worth $1,397,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Cowen Prime Services LLC purchased a new position in Spotify during the second quarter worth about $29,000. AdvisorNet Financial Inc grew its stake in shares of 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 purchasing an additional 134 shares during the period. Meridian Wealth Management LLC bought a new stake in shares of Spotify in the 2nd quarter valued at approximately $36,000. Catalyst Capital Advisors LLC grew its stake in shares of Spotify by 86.8% in the 1st quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock valued at $37,000 after purchasing an additional 125 shares during the period. Finally, Icon Wealth Partners LLC bought a new stake in shares of Spotify in the 1st quarter valued at approximately $42,000.
Several equities research analysts have recently weighed in on the company. Pivotal Research reiterated a “hold” rating and issued a $150.00 price objective (down from $155.00) on shares of Spotify in a research note on Wednesday, July 31st. Evercore ISI lowered Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 price objective on the stock. in a research note on Monday, June 24th. SunTrust Banks upped their price objective on Spotify to $172.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Morgan Stanley reiterated an “overweight” rating and issued a $180.00 price objective (up from $170.00) on shares of Spotify in a research note on Thursday, August 1st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $175.00 price objective on shares of Spotify in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $164.73.
NASDAQ SPOT opened at $128.55 on Friday. Spotify has a one year low of $103.29 and a one year high of $187.35. The stock’s 50 day simple moving average is $145.20 and its 200 day simple moving average is $141.43.
Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. The firm’s revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the company earned ($2.20) earnings per share.
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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