Spotify (NASDAQ:SPOT) Stake Lessened by Dragoneer Investment Group LLC

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Dragoneer Investment Group LLC lowered its stake in shares of Spotify (NASDAQ:SPOT) by 33.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 628,410 shares of the company’s stock after selling 309,000 shares during the quarter. Spotify comprises 3.7% of Dragoneer Investment Group LLC’s portfolio, making the stock its 7th largest position. Dragoneer Investment Group LLC’s holdings in Spotify were worth $91,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cowen Prime Services LLC purchased a new stake in Spotify in the second quarter worth about $29,000. AdvisorNet Financial Inc grew its holdings in shares of Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock valued at $33,000 after buying an additional 134 shares during the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of Spotify during the second quarter valued at approximately $36,000. Catalyst Capital Advisors LLC grew its holdings in shares of Spotify by 86.8% during the first quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock valued at $37,000 after buying an additional 125 shares during the last quarter. Finally, Icon Wealth Partners LLC purchased a new stake in shares of Spotify during the first quarter valued at approximately $42,000.

SPOT traded down $2.87 during trading on Thursday, hitting $125.11. The company’s stock had a trading volume of 733,221 shares, compared to its average volume of 1,542,464. Spotify has a one year low of $103.29 and a one year high of $185.92. The business’s 50 day simple moving average is $142.21 and its 200-day simple moving average is $140.90.

Spotify (NASDAQ:SPOT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. The business’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same period last year, the company earned ($2.20) earnings per share.

SPOT has been the topic of a number of research analyst reports. Raymond James increased their price objective on shares of Spotify from $172.00 to $180.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Loop Capital upgraded shares of Spotify from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Evercore ISI downgraded shares of Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 price objective on the stock. in a research report on Monday, June 24th. UBS Group downgraded shares of Spotify from a “buy” rating to a “hold” rating and lowered their price objective for the company from $155.00 to $150.00 in a research report on Wednesday, July 31st. Finally, Zacks Investment Research downgraded shares of Spotify from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Spotify presently has a consensus rating of “Buy” and an average price target of $164.73.

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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Institutional Ownership by Quarter for Spotify (NASDAQ:SPOT)

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