Paragon Advisors LLC purchased a new position in shares of Spotify (NYSE:SPOT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,464 shares of the company’s stock, valued at approximately $636,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue acquired a new stake in shares of Spotify during the 2nd quarter worth approximately $5,125,000. Ellevest Inc. increased its holdings in shares of Spotify by 1,882.4% during the 2nd quarter. Ellevest Inc. now owns 337 shares of the company’s stock worth $87,000 after buying an additional 320 shares during the last quarter. Fulton Bank N. A. acquired a new stake in Spotify in the 2nd quarter valued at approximately $976,000. State Street Corp increased its holdings in Spotify by 10.1% in the 1st quarter. State Street Corp now owns 1,357,646 shares of the company’s stock valued at $164,873,000 after purchasing an additional 124,485 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in Spotify by 1.2% in the 1st quarter. Clearbridge Investments LLC now owns 632,739 shares of the company’s stock valued at $76,840,000 after purchasing an additional 7,491 shares during the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.
Several analysts recently weighed in on the stock. CSFB lifted their target price on shares of Spotify from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, April 30th. Guggenheim downgraded shares of Spotify from a “neutral” rating to a “sell” rating and lifted their target price for the company from $170.00 to $223.00 in a report on Monday, June 29th. ValuEngine downgraded shares of Spotify from a “buy” rating to a “hold” rating in a report on Thursday, July 2nd. Nomura reiterated a “buy” rating and issued a $180.00 target price on shares of Spotify in a report on Thursday, April 30th. Finally, UBS Group boosted their price target on shares of Spotify from $172.00 to $189.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $195.64.
Shares of Spotify stock traded up $2.08 during trading on Tuesday, hitting $262.34. 97,723 shares of the stock were exchanged, compared to its average volume of 4,434,541. Spotify has a 12-month low of $109.18 and a 12-month high of $274.30. The stock has a market cap of $48.66 billion, a price-to-earnings ratio of -172.02 and a beta of 1.65. The firm’s 50-day moving average price is $208.93 and its 200 day moving average price is $159.06.
Spotify (NYSE:SPOT) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.28. Spotify had a negative net margin of 0.53% and a negative return on equity of 1.90%. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the company earned ($0.79) earnings per share. Spotify’s quarterly revenue was up 22.3% compared to the same quarter last year. On average, equities analysts forecast that Spotify will post -1.69 earnings per share for the current year.
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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