HRS Investment Holdings LLC bought a new position in shares of Spotify (NASDAQ:SPOT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,000 shares of the company’s stock, valued at approximately $2,524,000. Spotify makes up about 1.3% of HRS Investment Holdings LLC’s holdings, making the stock its 18th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Alecta Pensionsforsakring Omsesidigt bought a new position in shares of Spotify in the second quarter worth $256,474,000. Atria Investments LLC bought a new position in shares of Spotify in the second quarter worth $224,000. Bank of Montreal Can bought a new position in shares of Spotify in the second quarter worth $361,000. Baillie Gifford & Co. bought a new position in shares of Spotify in the second quarter worth $2,181,995,000. Finally, Essex Investment Management Co. LLC bought a new position in shares of Spotify in the second quarter worth $7,339,000.

NASDAQ:SPOT opened at $174.25 on Friday. Spotify has a 1-year low of $135.51 and a 1-year high of $198.99.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Thursday, July 26th. The company reported ($2.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($1.57). The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. The company’s revenue was up 26.4% compared to the same quarter last year.

A number of research firms have issued reports on SPOT. Bank of America lifted their target price on Spotify to $230.00 and gave the company a “buy” rating in a research report on Monday, July 30th. Oppenheimer began coverage on Spotify in a research report on Tuesday, July 10th. They issued a “market perform” rating on the stock. Loop Capital lifted their target price on Spotify to $150.00 and gave the company a “sell” rating in a research report on Friday, July 27th. Deutsche Bank lifted their target price on Spotify to $170.00 and gave the company a “hold” rating in a research report on Wednesday, July 25th. Finally, Raymond James began coverage on Spotify in a research report on Thursday, May 17th. They issued a “strong-buy” rating and a $190.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $204.04.

About Spotify

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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Institutional Ownership by Quarter for Spotify (NASDAQ:SPOT)

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