Zevenbergen Capital Investments LLC lowered its stake in Spotify (NASDAQ:SPOT) by 43.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,515 shares of the company’s stock after selling 54,385 shares during the period. Zevenbergen Capital Investments LLC’s holdings in Spotify were worth $9,649,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Cohen Capital Management Inc. grew its position in Spotify by 0.4% in the first quarter. Cohen Capital Management Inc. now owns 18,505 shares of the company’s stock valued at $2,568,000 after acquiring an additional 75 shares during the last quarter. Flagship Harbor Advisors LLC lifted its stake in Spotify by 40.7% in the first quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock valued at $38,000 after buying an additional 81 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Spotify by 4.2% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 2,377 shares of the company’s stock valued at $270,000 after buying an additional 96 shares during the period. Tocqueville Asset Management L.P. lifted its stake in Spotify by 4.1% in the first quarter. Tocqueville Asset Management L.P. now owns 2,550 shares of the company’s stock valued at $354,000 after buying an additional 100 shares during the period. Finally, Catalyst Capital Advisors LLC lifted its stake in Spotify by 86.8% in the first quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock valued at $37,000 after buying an additional 125 shares during the period.
Several brokerages have issued reports on SPOT. Buckingham Research dropped their price target on Spotify from $174.00 to $165.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. UBS Group dropped their price target on Spotify from $182.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Stifel Nicolaus reissued a “buy” rating and issued a $170.00 price target on shares of Spotify in a research note on Friday, April 26th. Credit Suisse Group began coverage on Spotify in a research note on Friday, March 29th. They issued an “underperform” rating and a $120.00 price target on the stock. Finally, Zacks Investment Research downgraded Spotify from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Three research 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 given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $180.73.
Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Monday, April 29th. The company reported ($0.90) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 period last year, the company posted ($1.01) EPS. The firm’s quarterly revenue was up 32.7% on a year-over-year basis.
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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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