Grisanti Capital Management LLC cut its stake in shares of Spotify (NASDAQ:SPOT) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,947 shares of the company’s stock after selling 188 shares during the quarter. Spotify makes up 1.5% of Grisanti Capital Management LLC’s portfolio, making the stock its 27th largest holding. Grisanti Capital Management LLC’s holdings in Spotify were worth $2,770,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Cowen Prime Services LLC acquired a new position in shares of Spotify during the second quarter worth approximately $29,000. AdvisorNet Financial Inc boosted its position in shares of Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after buying an additional 134 shares during the period. Meridian Wealth Management LLC acquired a new position in shares of Spotify during the second quarter worth approximately $36,000. Catalyst Capital Advisors LLC boosted its position in shares of Spotify by 86.8% during the first quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock worth $37,000 after buying an additional 125 shares during the period. Finally, Flagship Harbor Advisors LLC boosted its position in shares of Spotify by 40.7% during the first quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock worth $38,000 after buying an additional 81 shares during the period.
Several equities analysts have recently issued reports on SPOT shares. Nomura boosted their price objective on Spotify from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. SunTrust Banks boosted their price objective on Spotify to $172.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Morgan Stanley reiterated an “overweight” rating and set a $180.00 price objective (up from $170.00) on shares of Spotify in a research report on Thursday, August 1st. Buckingham Research reduced their price objective on Spotify from $174.00 to $165.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, Stifel Nicolaus boosted their price objective on Spotify from $170.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Spotify has an average rating of “Buy” and an average target price of $172.25.
Shares of NASDAQ SPOT traded up $2.37 during trading on Friday, hitting $147.74. The company had a trading volume of 635,100 shares, compared to its average volume of 1,603,677. Spotify has a 52 week low of $103.29 and a 52 week high of $196.95. The business’s 50-day moving average is $150.04 and its 200 day moving average is $141.88.
Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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. Spotify’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period in the prior year, the company posted ($2.20) EPS.
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.
Further Reading: Why is the price-sales ratio important?
Receive News & Ratings for Spotify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify and related companies with MarketBeat.com's FREE daily email newsletter.