Grisanti Capital Management LLC trimmed its position in shares of Spotify (NASDAQ:SPOT) by 1.0% in the second quarter, Holdings Channel reports. The fund owned 18,947 shares of the company’s stock after selling 188 shares during the quarter. Spotify comprises approximately 1.5% of Grisanti Capital Management LLC’s investment portfolio, making the stock its 27th biggest holding. Grisanti Capital Management LLC’s holdings in Spotify were worth $2,770,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in Spotify by 6.8% during the first quarter. Baillie Gifford & Co. now owns 18,761,960 shares of the company’s stock valued at $2,604,161,000 after acquiring an additional 1,196,056 shares during the period. Alecta Pensionsforsakring Omsesidigt boosted its holdings in Spotify by 24.3% during the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,049,000 shares of the company’s stock valued at $298,519,000 after acquiring an additional 400,000 shares during the period. Swedbank bought a new stake in Spotify during the second quarter valued at about $134,757,000. Neuberger Berman Group LLC boosted its holdings in Spotify by 0.4% during the first quarter. Neuberger Berman Group LLC now owns 716,815 shares of the company’s stock valued at $99,494,000 after acquiring an additional 2,665 shares during the period. Finally, FMR LLC boosted its holdings in Spotify by 47.8% during the first quarter. FMR LLC now owns 676,018 shares of the company’s stock valued at $93,831,000 after acquiring an additional 218,639 shares during the period.

Shares of NASDAQ SPOT traded up $2.37 during mid-day 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. The business’s 50-day simple moving average is $150.04 and its 200-day simple moving average is $141.88. Spotify has a 12 month low of $103.29 and a 12 month high of $196.95.

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, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the company earned ($2.20) EPS. The business’s revenue for the quarter was up 31.0% on a year-over-year basis.

A number of research firms have issued reports on SPOT. Pivotal Research restated a “hold” rating and set a $150.00 price target (down from $155.00) on shares of Spotify in a report on Wednesday, July 31st. Raymond James upped their price target on shares of Spotify from $172.00 to $180.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Loop Capital upgraded shares of Spotify from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Buckingham Research decreased their price target on shares of Spotify from $174.00 to $165.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Rosenblatt Securities restated a “buy” rating on shares of Spotify in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $172.25.

Spotify 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.

Read More: Neutral Rating

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Institutional Ownership by Quarter for Spotify (NASDAQ:SPOT)

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