TPG Group Holdings SBS Advisors Inc. bought a new position in shares of Spotify (NASDAQ:SPOT) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 4,123,287 shares of the company’s stock, valued at approximately $693,702,000. Spotify makes up 9.1% of TPG Group Holdings SBS Advisors Inc.’s portfolio, making the stock its 3rd largest position. TPG Group Holdings SBS Advisors Inc. owned about 2.32% of Spotify as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of SPOT. Archford Capital Strategies LLC bought a new stake in shares of Spotify in the 2nd quarter valued at about $103,000. Financial Architects Inc bought a new stake in shares of Spotify in the 2nd quarter valued at about $154,000. Parallel Advisors LLC bought a new stake in shares of Spotify in the 2nd quarter valued at about $171,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Spotify in the 2nd quarter valued at about $195,000. Finally, Highlander Capital Management LLC bought a new stake in shares of Spotify in the 2nd quarter valued at about $202,000.
SPOT traded down $0.91 during trading on Monday, reaching $163.47. 1,850,300 shares of the company’s stock were exchanged, compared to its average volume of 2,070,711. Spotify has a 1 year low of $135.51 and a 1 year high of $198.99.
Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Thursday, July 26th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($1.57). The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. The firm’s revenue for the quarter was up 26.4% compared to the same quarter last year.
SPOT has been the topic of a number of recent analyst reports. BTIG Research initiated coverage on shares of Spotify in a report on Monday, July 23rd. They issued a “buy” rating and a $230.00 price target on the stock. Buckingham Research raised their price target on shares of Spotify from $195.00 to $201.00 and gave the company a “buy” rating in a report on Friday, July 20th. Zacks Investment Research cut shares of Spotify from a “hold” rating to a “sell” rating in a report on Friday, July 27th. JPMorgan Chase & Co. raised their price target on shares of Spotify from $190.00 to $225.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Finally, MKM Partners raised their price target on shares of Spotify from $200.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Spotify currently has an average rating of “Buy” and an average price target of $206.96.
Spotify Company 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.
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