Spotify (SPOT) Stake Decreased by Bank of Montreal Can
Bank of Montreal Can decreased its holdings in Spotify (NASDAQ:SPOT) by 33.1% in the third quarter, HoldingsChannel.com reports. The fund owned 1,437 shares of the company’s stock after selling 710 shares during the quarter. Bank of Montreal Can’s holdings in Spotify were worth $260,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Archford Capital Strategies LLC bought a new position in shares of Spotify in the second quarter worth about $103,000. Financial Architects Inc bought a new position in shares of Spotify in the second quarter worth about $154,000. Parallel Advisors LLC bought a new position in shares of Spotify in the second quarter worth about $171,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Spotify in the second quarter worth about $195,000. Finally, Thompson Davis & CO. Inc. bought a new position in shares of Spotify in the second quarter worth about $202,000.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered Spotify from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Raymond James upped their price objective on Spotify from $220.00 to $210.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 26th. JPMorgan Chase & Co. upped their price objective on Spotify from $190.00 to $225.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. Monness Crespi & Hardt started coverage on Spotify in a research note on Monday, August 27th. They set a “buy” rating and a $265.00 price target for the company. Finally, MKM Partners increased their price target on Spotify from $200.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Spotify presently has a consensus rating of “Buy” and a consensus target price of $198.96.
Spotify (NASDAQ:SPOT) last posted its quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.74. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. The firm’s revenue for the quarter was up 31.0% on a year-over-year basis.
COPYRIGHT VIOLATION NOTICE: “Spotify (SPOT) Stake Decreased by Bank of Montreal Can” was originally published by Daily Political and is owned by of Daily Political. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://www.dailypolitical.com/2018/11/20/spotify-spot-stake-decreased-by-bank-of-montreal-can.html.
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.
Further Reading: Fiduciary
Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify (NASDAQ:SPOT).
Receive News & Ratings for Spotify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify and related companies with MarketBeat.com's FREE daily email newsletter.