Baltimore Washington Financial Advisors Inc. Boosts Stake in Spotify (NYSE:SPOT)

Baltimore Washington Financial Advisors Inc. lifted its holdings in Spotify (NYSE:SPOT) by 15.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,138 shares of the company’s stock after buying an additional 3,010 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Spotify were worth $2,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of Spotify by 1.8% in the second quarter. Baillie Gifford & Co. now owns 19,095,326 shares of the company’s stock worth $2,792,118,000 after buying an additional 333,366 shares in the last quarter. FMR LLC raised its stake in Spotify by 47.8% during the first quarter. FMR LLC now owns 676,018 shares of the company’s stock worth $93,831,000 after purchasing an additional 218,639 shares during the period. AdvisorNet Financial Inc raised its stake in Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after purchasing an additional 134 shares during the period. Toronto Dominion Bank purchased a new position in Spotify during the second quarter worth about $336,000. Finally, Cowen Prime Services LLC purchased a new position in Spotify during the second quarter worth about $29,000. 49.05% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Spotify stock traded up $2.25 on Thursday, reaching $118.81. The company had a trading volume of 21,752 shares, compared to its average volume of 1,537,676. The firm’s 50 day moving average price is $120.94 and its two-hundred day moving average price is $139.89. The firm has a market cap of $21.08 billion, a PE ratio of -197.87 and a beta of 1.86. Spotify has a 52-week low of $103.29 and a 52-week high of $168.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.76 and a current ratio of 0.76.

Spotify (NYSE:SPOT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Spotify had a net margin of 4.48% and a return on equity of 13.23%. As a group, sell-side analysts predict that Spotify will post -2.19 EPS for the current year.

A number of brokerages have commented on SPOT. Credit Suisse Group raised shares of Spotify from an “underperform” rating to a “neutral” rating and set a $120.00 target price on the stock in a research note on Tuesday, October 1st. Rosenblatt Securities set a $184.00 target price on shares of Spotify and gave the stock a “buy” rating in a research note on Sunday, September 29th. Pivotal Research reaffirmed a “hold” rating and set a $150.00 target price (down from $155.00) on shares of Spotify in a research note on Wednesday, July 31st. Zacks Investment Research raised shares of Spotify from a “hold” rating to a “buy” rating and set a $129.00 target price on the stock in a research note on Tuesday. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $175.00 price target on shares of Spotify in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $160.32.

About Spotify

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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