Millennium Management LLC Decreases Holdings in Spotify (NYSE:SPOT)

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Millennium Management LLC trimmed its position in shares of Spotify (NYSE:SPOT) by 76.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 191,214 shares of the company’s stock after selling 634,071 shares during the quarter. Millennium Management LLC’s holdings in Spotify were worth $21,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc bought a new stake in shares of Spotify in the second quarter worth $127,000. Baltimore Washington Financial Advisors Inc. lifted its holdings in Spotify by 28.1% in the second quarter. Baltimore Washington Financial Advisors Inc. now owns 19,128 shares of the company’s stock valued at $2,797,000 after acquiring an additional 4,200 shares during the period. Mount Vernon Associates Inc. MD lifted its holdings in Spotify by 81.6% in the second quarter. Mount Vernon Associates Inc. MD now owns 10,805 shares of the company’s stock valued at $1,580,000 after acquiring an additional 4,855 shares during the period. Coronation Fund Managers Ltd. boosted its position in Spotify by 27.0% in the second quarter. Coronation Fund Managers Ltd. now owns 180,643 shares of the company’s stock worth $26,414,000 after purchasing an additional 38,400 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in Spotify by 25.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,865 shares of the company’s stock worth $418,000 after purchasing an additional 583 shares during the last quarter. Hedge funds and other institutional investors own 49.15% of the company’s stock.

Several equities research analysts have recently commented on SPOT shares. ValuEngine raised shares of Spotify from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. SunTrust Banks increased their price objective on shares of Spotify to $172.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Canaccord Genuity raised their price objective on shares of Spotify from $170.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Royal Bank of Canada boosted their target price on shares of Spotify from $185.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $175.00 target price on shares of Spotify in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Spotify presently has a consensus rating of “Buy” and an average target price of $157.79.

NYSE SPOT opened at $142.53 on Tuesday. Spotify has a 12 month low of $103.29 and a 12 month high of $161.38. The stock has a market cap of $25.55 billion, a price-to-earnings ratio of -237.55 and a beta of 1.91. The company’s 50 day moving average is $136.15 and its two-hundred day moving average is $137.66. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.32.

Spotify (NYSE:SPOT) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.76. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. Spotify had a net margin of 7.32% and a return on equity of 22.12%. The company’s revenue for the quarter was up 28.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 earnings per share. Sell-side analysts forecast that Spotify will post -0.9 EPS for the current year.

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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