Trexquant Investment LP reduced its position in Spotify (NASDAQ:SPOT) by 58.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,389 shares of the company’s stock after selling 29,492 shares during the period. Trexquant Investment LP’s holdings in Spotify were worth $2,969,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in shares of Spotify by 15.7% in the 4th quarter. Baillie Gifford & Co. now owns 17,565,904 shares of the company’s stock valued at $1,993,730,000 after purchasing an additional 2,388,913 shares during the last quarter. Coatue Management LLC raised its position in shares of Spotify by 70.5% in the 4th quarter. Coatue Management LLC now owns 3,695,289 shares of the company’s stock valued at $419,415,000 after purchasing an additional 1,528,312 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in shares of Spotify by 28.4% in the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,649,000 shares of the company’s stock valued at $228,898,000 after purchasing an additional 365,000 shares during the last quarter. SQN Investors LP purchased a new position in shares of Spotify in the 1st quarter valued at approximately $37,093,000. Finally, Norges Bank purchased a new position in shares of Spotify in the 4th quarter valued at approximately $27,386,000.
Several equities analysts recently commented on the stock. Pivotal Research reaffirmed a “buy” rating and issued a $155.00 price objective (down from $165.00) on shares of Spotify in a research report on Monday, April 29th. Rosenblatt Securities reissued a “buy” rating on shares of Spotify in a research report on Tuesday, April 30th. Zacks Investment Research lowered shares of Spotify from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Raymond James reduced their price target on shares of Spotify from $182.00 to $172.00 and set a “strong-buy” rating for the company in a research report on Friday, April 26th. Finally, Nomura raised their price target on shares of Spotify from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Spotify currently has an average rating of “Buy” and a consensus target price of $180.73.
Shares of NASDAQ SPOT traded up $2.40 during midday trading on Wednesday, reaching $141.00. 35,912 shares of the stock were exchanged, compared to its average volume of 1,629,840. Spotify has a twelve month low of $103.29 and a twelve month high of $198.99.
Spotify (NASDAQ:SPOT) last issued its quarterly earnings data on Monday, April 29th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.53). The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.47 billion. Spotify’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the firm earned ($1.01) earnings per share.
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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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