Gilder Gagnon Howe & Co. LLC decreased its position in Spotify (NYSE:SPOT) by 0.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 585,628 shares of the company’s stock after selling 836 shares during the period. Spotify comprises approximately 1.2% of Gilder Gagnon Howe & Co. LLC’s portfolio, making the stock its 20th biggest holding. Gilder Gagnon Howe & Co. LLC owned about 0.33% of Spotify worth $151,203,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of SPOT. Edge Wealth Management LLC grew its holdings in shares of Spotify by 700.0% in the second quarter. Edge Wealth Management LLC now owns 104 shares of the company’s stock worth $27,000 after purchasing an additional 91 shares during the last quarter. Berman Capital Advisors LLC grew its holdings in shares of Spotify by 65.8% in the second quarter. Berman Capital Advisors LLC now owns 126 shares of the company’s stock worth $32,000 after purchasing an additional 50 shares during the last quarter. Ameritas Investment Company LLC bought a new position in shares of Spotify in the first quarter worth approximately $42,000. Assetmark Inc. bought a new position in shares of Spotify in the second quarter worth approximately $44,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Spotify in the first quarter worth approximately $45,000. Hedge funds and other institutional investors own 56.79% of the company’s stock.
Shares of NYSE:SPOT traded down $13.45 on Friday, hitting $248.21. 2,061,518 shares of the company traded hands, compared to its average volume of 1,478,648. Spotify has a 52 week low of $109.18 and a 52 week high of $299.67. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $264.78 and a 200-day simple moving average of $193.70. The company has a market cap of $44.49 billion, a PE ratio of -78.30 and a beta of 1.57.
Spotify (NYSE:SPOT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($1.91) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($1.42). Spotify had a negative net margin of 4.28% and a negative return on equity of 15.49%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the previous year, the business earned ($0.42) earnings per share. Spotify’s revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify will post -3.84 earnings per share for the current year.
Several research analysts have recently issued reports on SPOT shares. Wells Fargo & Co raised their target price on shares of Spotify from $130.00 to $175.00 and gave the stock an “underweight” rating in a report on Wednesday, July 1st. Zacks Investment Research lowered Spotify from a “hold” rating to a “sell” rating in a research note on Wednesday, August 5th. Stifel Nicolaus raised their price target on Spotify from $185.00 to $305.00 in a research note on Monday, July 27th. UBS Group lowered Spotify from a “buy” rating to a “sell” rating and raised their price target for the stock from $189.00 to $204.00 in a research note on Tuesday, July 14th. Finally, Credit Suisse Group raised their price target on Spotify from $130.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $228.74.
Spotify Company Profile
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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