Lavaca Capital LLC Invests $78,000 in Spotify (SPOT) Stock
Lavaca Capital LLC bought a new position in shares of Spotify (NASDAQ:SPOT) during the 1st quarter, HoldingsChannel reports. The fund bought 561 shares of the company’s stock, valued at approximately $78,000.
A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Bank of New York Mellon Corp purchased a new stake in Spotify during the 2nd quarter worth approximately $6,459,000. Wells Fargo & Company MN increased its stake in Spotify by 19.2% during the 3rd quarter. Wells Fargo & Company MN now owns 31,460 shares of the company’s stock worth $5,689,000 after buying an additional 5,066 shares during the period. JPMorgan Chase & Co. increased its stake in Spotify by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,189,947 shares of the company’s stock worth $215,178,000 after buying an additional 90,326 shares during the period. MML Investors Services LLC purchased a new stake in Spotify during the 3rd quarter worth approximately $247,000. Finally, PNC Financial Services Group Inc. increased its stake in Spotify by 25.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,007 shares of the company’s stock worth $362,000 after buying an additional 407 shares during the period.
Shares of Spotify stock traded down $1.08 during trading hours on Thursday, hitting $142.49. The company had a trading volume of 7,019 shares, compared to its average volume of 1,701,848. Spotify has a twelve month low of $103.29 and a twelve month high of $198.99.
SPOT has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $169.00 target price (down from $171.00) on shares of Spotify in a research note on Sunday, February 10th. Deutsche Bank cut their target price on shares of Spotify from $152.00 to $135.00 and set a “hold” rating on the stock in a research note on Monday, January 7th. Wells Fargo & Co lowered their price target on shares of Spotify from $150.00 to $140.00 and set a “market perform” rating for the company in a report on Wednesday, January 16th. B. Riley reiterated a “neutral” rating and set a $132.00 price target (down previously from $200.00) on shares of Spotify in a report on Friday, December 21st. Finally, Guggenheim cut shares of Spotify from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $190.00 to $120.00 in a report on Monday, January 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. Spotify has an average rating of “Buy” and a consensus price target of $188.43.
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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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