Gables Capital Management Inc. Takes $434,000 Position in Spotify (SPOT)
Gables Capital Management Inc. purchased a new position in Spotify (NASDAQ:SPOT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,400 shares of the company’s stock, valued at approximately $434,000.
Other hedge funds have also recently modified their holdings of the company. Archford Capital Strategies LLC purchased a new stake in Spotify in the second quarter worth $103,000. Financial Architects Inc bought a new stake in Spotify in the second quarter worth $154,000. Parallel Advisors LLC bought a new stake in Spotify in the second quarter worth $171,000. Benjamin F. Edwards & Company Inc. bought a new stake in Spotify in the second quarter worth $195,000. Finally, Thompson Davis & CO. Inc. bought a new stake in Spotify in the second quarter worth $202,000.
Shares of NASDAQ:SPOT opened at $142.61 on Wednesday. Spotify has a 1 year low of $131.01 and a 1 year high of $198.99.
Several equities research analysts have commented on SPOT shares. Oppenheimer started coverage on Spotify in a report on Tuesday, July 10th. They issued a “market perform” rating on the stock. Nomura started coverage on Spotify in a report on Tuesday, July 10th. They issued a “buy” rating and a $210.00 target price on the stock. Buckingham Research boosted their target price on Spotify from $195.00 to $201.00 and gave the stock a “buy” rating in a report on Friday, July 20th. BTIG Research started coverage on Spotify in a report on Monday, July 23rd. They issued a “buy” rating and a $230.00 target price on the stock. Finally, Pivotal Research downgraded Spotify from a “buy” rating to a “hold” rating and set a $200.00 target price on the stock. in a report on Wednesday, July 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Spotify presently has a consensus rating of “Buy” and an average price target of $198.96.
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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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