Baillie Gifford & Co. increased its stake in Spotify (NASDAQ:SPOT) by 1.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,095,326 shares of the company’s stock after buying an additional 333,366 shares during the quarter. Spotify comprises 3.0% of Baillie Gifford & Co.’s portfolio, making the stock its 8th largest position. Baillie Gifford & Co. owned about 10.56% of Spotify worth $2,792,118,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of SPOT. Cowen Prime Services LLC bought a new position in Spotify during the 2nd quarter worth approximately $29,000. AdvisorNet Financial Inc lifted its holdings in shares of Spotify by 148.9% in the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after purchasing an additional 134 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Spotify in the 2nd quarter worth approximately $36,000. Catalyst Capital Advisors LLC lifted its holdings in shares of Spotify by 86.8% in the 1st quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock worth $37,000 after purchasing an additional 125 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new stake in shares of Spotify in the 1st quarter worth approximately $42,000.
Several brokerages have weighed in on SPOT. UBS Group downgraded Spotify from a “buy” rating to a “hold” rating and cut their target price for the company from $155.00 to $150.00 in a research note on Wednesday, July 31st. Consumer Edge began coverage on Spotify in a research note on Tuesday, August 20th. They set an “equal weight” rating on the stock. Evercore ISI downgraded Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 target price on the stock. in a research note on Monday, June 24th. Raymond James lifted their price target on Spotify from $172.00 to $180.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, SunTrust Banks lifted their price target on Spotify to $172.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $164.73.
Shares of SPOT opened at $132.00 on Thursday. Spotify has a 12-month low of $103.29 and a 12-month high of $187.35. The stock’s 50-day moving average price is $145.20 and its 200 day moving average price is $141.43.
Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.04. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. The company’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.20) earnings per share.
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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