Oppenheimer & Co. Inc. purchased a new position in Spotify (NASDAQ:SPOT) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 2,060 shares of the company’s stock, valued at approximately $286,000.
Several other institutional investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC raised its position in Spotify by 40.7% during the first quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock valued at $38,000 after purchasing an additional 81 shares in the last quarter. Shine Investment Advisory Services Inc. grew its stake in shares of Spotify by 21.6% in the fourth quarter. Shine Investment Advisory Services Inc. now owns 489 shares of the company’s stock worth $56,000 after purchasing an additional 87 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Spotify by 4.2% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 2,377 shares of the company’s stock worth $270,000 after purchasing an additional 96 shares during the last quarter. Creative Financial Designs Inc. ADV grew its stake in shares of Spotify by 22.8% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 522 shares of the company’s stock worth $59,000 after purchasing an additional 97 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its stake in shares of Spotify by 8.2% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,320 shares of the company’s stock worth $150,000 after purchasing an additional 100 shares during the last quarter.
Spotify stock opened at $137.85 on Friday. Spotify has a fifty-two week low of $103.29 and a fifty-two week high of $198.99.
Spotify (NASDAQ:SPOT) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the prior year, the company posted ($1.01) earnings per share. The firm’s quarterly revenue was up 32.7% on a year-over-year basis.
SPOT has been the topic of several recent analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $170.00 target price (down from $200.00) on shares of Spotify in a research note on Friday, January 11th. Royal Bank of Canada reissued an “outperform” rating on shares of Spotify in a research note on Thursday, February 7th. Rosenblatt Securities reissued a “buy” rating and issued a $169.00 target price (down from $171.00) on shares of Spotify in a research note on Sunday, February 10th. Buckingham Research cut their target price on Spotify from $174.00 to $165.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Finally, Wells Fargo & Co cut their target price on Spotify from $150.00 to $140.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 16th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $180.89.
Spotify Company Profile
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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