Oppenheimer Asset Management Inc. boosted its stake in Spotify (NASDAQ:SPOT) by 45.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,741 shares of the company’s stock after buying an additional 2,098 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Spotify were worth $1,219,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in Spotify in the 2nd quarter valued at $6,459,000. AMP Capital Investors Ltd bought a new position in Spotify in the 2nd quarter valued at $3,391,000. Tower Research Capital LLC TRC bought a new position in Spotify in the 2nd quarter valued at $238,000. Stephens Investment Management Group LLC bought a new position in Spotify in the 2nd quarter valued at $2,323,000. Finally, Janus Henderson Group PLC bought a new position in Spotify in the 2nd quarter valued at $51,894,000.
A number of brokerages have issued reports on SPOT. Bank of America upped their price objective on Spotify to $230.00 and gave the company a “buy” rating in a research note on Monday, July 30th. Barclays dropped their price objective on Spotify from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday. Oppenheimer started coverage on Spotify in a report on Tuesday, July 10th. They set a “market perform” rating on the stock. Redburn Partners raised Spotify to a “buy” rating in a report on Monday, October 15th. Finally, Loop Capital increased their price objective on Spotify to $150.00 and gave the stock a “sell” rating in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $200.04.
NASDAQ:SPOT opened at $138.99 on Monday. Spotify has a twelve month low of $131.01 and a twelve month high of $198.99.
Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.74. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. The firm’s quarterly revenue was up 31.0% on a year-over-year basis.
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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