Oppenheimer Asset Management Inc. Makes New $344,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Oppenheimer Asset Management Inc. bought a new position in Spotify Technology S.A. (NYSE:SPOTGet Rating) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,661 shares of the company’s stock, valued at approximately $344,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Baillie Gifford & Co. increased its stake in shares of Spotify Technology by 12.8% during the second quarter. Baillie Gifford & Co. now owns 26,199,637 shares of the company’s stock valued at $2,458,313,000 after buying an additional 2,971,063 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Spotify Technology during the second quarter valued at $37,626,000. Bank of Nova Scotia increased its stake in shares of Spotify Technology by 664.3% during the first quarter. Bank of Nova Scotia now owns 417,289 shares of the company’s stock valued at $63,019,000 after buying an additional 362,689 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Spotify Technology during the first quarter valued at $37,966,000. Finally, Liontrust Investment Partners LLP increased its stake in shares of Spotify Technology by 18.9% during the second quarter. Liontrust Investment Partners LLP now owns 1,532,321 shares of the company’s stock valued at $143,778,000 after buying an additional 243,921 shares during the period. Hedge funds and other institutional investors own 55.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SPOT. Wells Fargo & Company dropped their price objective on Spotify Technology from $132.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. The Goldman Sachs Group dropped their price objective on Spotify Technology from $133.00 to $114.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 26th. Morgan Stanley dropped their price objective on Spotify Technology from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft dropped their price objective on Spotify Technology from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, October 24th. Finally, Barclays dropped their price objective on Spotify Technology from $164.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 26th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $151.72.

Spotify Technology Trading Down 3.1 %

Shares of SPOT stock opened at $82.50 on Thursday. The stock has a 50 day moving average of $88.31 and a 200 day moving average of $100.90. Spotify Technology S.A. has a twelve month low of $69.29 and a twelve month high of $272.06.

Spotify Technology (NYSE:SPOTGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.11). The company had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.03 billion. Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. On average, equities research analysts forecast that Spotify Technology S.A. will post -2.64 earnings per share for the current fiscal year.

Spotify Technology Company Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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

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