Morgan Stanley Takes Position in Spotify (SPOT)
Morgan Stanley acquired a new stake in Spotify (NASDAQ:SPOT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,699,857 shares of the company’s stock, valued at approximately $285,984,000.
Several other hedge funds have also added to or reduced their stakes in SPOT. Contrarius Investment Management Ltd acquired a new position in shares of Spotify in the 2nd quarter valued at $72,628,000. Bank of Montreal Can acquired a new position in shares of Spotify in the 2nd quarter valued at $361,000. GSA Capital Partners LLP acquired a new position in shares of Spotify in the 2nd quarter valued at $1,806,000. Stephens Investment Management Group LLC acquired a new position in shares of Spotify in the 2nd quarter valued at $2,323,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Spotify in the 2nd quarter valued at $564,000.
Several equities analysts recently issued reports on the stock. Bank of America boosted their target price on shares of Spotify to $230.00 and gave the company a “buy” rating in a research note on Monday, July 30th. Oppenheimer began coverage on shares of Spotify in a research report on Tuesday, July 10th. They set a “market perform” rating for the company. Loop Capital upped their price objective on shares of Spotify to $150.00 and gave the stock a “sell” rating in a research report on Friday, July 27th. Deutsche Bank upped their price objective on shares of Spotify to $170.00 and gave the stock a “hold” rating in a research report on Wednesday, July 25th. Finally, Raymond James began coverage on shares of Spotify in a research report on Thursday, May 17th. They set a “strong-buy” rating and a $190.00 price objective for the company. Two investment 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’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $204.04.
Spotify (NASDAQ:SPOT) last issued its earnings results on Thursday, July 26th. The company reported ($2.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.63) by ($1.57). The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. The firm’s revenue was up 26.4% compared to the same quarter last year.
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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