Schaper Benz & Wise Investment Counsel Inc. WI grew its stake in Spotify (NYSE:SPOT) by 7.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,864 shares of the company’s stock after purchasing an additional 585 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI’s holdings in Spotify were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the company. Coronation Fund Managers Ltd. grew its position in shares of Spotify by 21.4% in the third quarter. Coronation Fund Managers Ltd. now owns 219,369 shares of the company’s stock valued at $25,008,000 after purchasing an additional 38,726 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Spotify by 7.1% in the third quarter. Russell Investments Group Ltd. now owns 330,788 shares of the company’s stock valued at $37,531,000 after purchasing an additional 22,015 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Spotify by 50.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 2,236 shares of the company’s stock valued at $255,000 after purchasing an additional 748 shares in the last quarter. Comerica Bank purchased a new stake in shares of Spotify in the third quarter valued at approximately $1,608,000. Finally, California Public Employees Retirement System grew its position in shares of Spotify by 69.8% in the third quarter. California Public Employees Retirement System now owns 219,900 shares of the company’s stock valued at $25,069,000 after purchasing an additional 90,400 shares in the last quarter. Institutional investors and hedge funds own 49.41% of the company’s stock.

Several research analysts recently weighed in on SPOT shares. SunTrust Banks increased their price objective on Spotify to $172.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Raymond James increased their price objective on Spotify from $172.00 to $180.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Morgan Stanley reiterated an “overweight” rating and issued a $180.00 price objective (up from $170.00) on shares of Spotify in a research report on Thursday, August 1st. ValuEngine upgraded Spotify from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Finally, Credit Suisse Group increased their price objective on Spotify from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Two 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. Spotify has an average rating of “Buy” and a consensus target price of $158.89.

Spotify stock traded down $0.32 during mid-day trading on Friday, hitting $147.85. The company’s stock had a trading volume of 902,804 shares, compared to its average volume of 1,588,891. Spotify has a 1 year low of $103.29 and a 1 year high of $161.38. The stock’s fifty day moving average is $122.79 and its two-hundred day moving average is $138.38. The firm has a market capitalization of $26.46 billion, a PE ratio of -246.42 and a beta of 1.95. 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 released its quarterly earnings results on Monday, October 28th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of ($0.40) by $0.76. Spotify had a return on equity of 22.12% and a net margin of 7.32%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the business posted $0.23 earnings per share. The company’s quarterly revenue was up 28.0% on a year-over-year basis. On average, equities analysts expect that Spotify will post -0.9 EPS for the current fiscal year.

Spotify Company Profile

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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