Vident Investment Advisory LLC Grows Position in Spotify (NYSE:SPOT)

Vident Investment Advisory LLC grew its stake in Spotify (NYSE:SPOT) by 61.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,712 shares of the company’s stock after buying an additional 2,164 shares during the period. Vident Investment Advisory LLC’s holdings in Spotify were worth $1,475,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SPOT. Ameritas Investment Company LLC purchased a new stake in shares of Spotify during the first quarter valued at $42,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Spotify during the 1st quarter worth about $45,000. Aigen Investment Management LP purchased a new stake in Spotify during the 1st quarter valued at about $51,000. Eudaimonia Partners LLC acquired a new position in shares of Spotify in the first quarter valued at about $55,000. Finally, Verus Capital Partners LLC purchased a new position in shares of Spotify in the fourth quarter worth about $59,000. Institutional investors and hedge funds own 54.77% of the company’s stock.

Several equities analysts recently weighed in on SPOT shares. Rosenblatt Securities increased their price target on shares of Spotify from $275.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup began coverage on shares of Spotify in a research note on Monday, June 29th. They issued a “neutral” rating and a $270.00 price objective on the stock. ValuEngine downgraded shares of Spotify from a “buy” rating to a “hold” rating in a research report on Thursday, July 2nd. Credit Suisse Group upped their price target on shares of Spotify from $130.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Spotify from $185.00 to $305.00 in a research note on Monday, July 6th. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the stock. Spotify presently has a consensus rating of “Hold” and an average target price of $228.74.

NYSE:SPOT opened at $257.82 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.82. The stock has a market capitalization of $46.21 billion, a PE ratio of -81.33 and a beta of 1.65. Spotify has a fifty-two week low of $109.18 and a fifty-two week high of $299.67. The company has a fifty day moving average of $251.68 and a two-hundred day moving average of $173.63.

Spotify (NYSE:SPOT) last released its earnings results on Wednesday, July 29th. The company reported ($1.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($1.42). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Spotify had a negative return on equity of 15.49% and a negative net margin of 4.28%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.42) EPS. Research analysts forecast that Spotify will post -1.64 earnings per share for the current year.

Spotify 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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Institutional Ownership by Quarter for Spotify (NYSE:SPOT)

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