Light Street Capital Management LLC Acquires New Stake in Spotify (SPOT)

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Light Street Capital Management LLC acquired a new position in shares of Spotify (NASDAQ:SPOT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 280,900 shares of the company’s stock, valued at approximately $47,259,000. Spotify makes up about 3.3% of Light Street Capital Management LLC’s portfolio, making the stock its 11th largest holding. Light Street Capital Management LLC owned approximately 0.16% of Spotify at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Archford Capital Strategies LLC bought a new stake in shares of Spotify during the second quarter worth $103,000. Financial Architects Inc bought a new stake in shares of Spotify during the second quarter worth $154,000. Parallel Advisors LLC bought a new stake in shares of Spotify during the second quarter worth $171,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Spotify during the second quarter worth $195,000. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Spotify during the second quarter worth $202,000.

SPOT has been the subject of several research reports. Raymond James initiated coverage on shares of Spotify in a research report on Thursday, May 17th. They set a “strong-buy” rating and a $190.00 price objective for the company. Pivotal Research initiated coverage on shares of Spotify in a research report on Tuesday, May 29th. They set a “buy” rating and a $200.00 price objective for the company. Bank of America increased their price objective on shares of Spotify to $230.00 and gave the stock a “buy” rating in a research report on Monday, July 30th. Buckingham Research increased their price objective on shares of Spotify from $195.00 to $201.00 and gave the stock a “buy” rating in a research report on Friday, July 20th. Finally, Wells Fargo & Co increased their price objective on shares of Spotify to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Spotify presently has an average rating of “Buy” and a consensus target price of $204.04.

Spotify stock traded down $1.05 during mid-day trading on Friday, reaching $174.51. The company’s stock had a trading volume of 8,496 shares, compared to its average volume of 2,214,900. Spotify has a 12 month low of $135.51 and a 12 month high of $198.99.

Spotify (NASDAQ:SPOT) last released its earnings results on Thursday, July 26th. The company reported ($2.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($1.57). The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. The firm’s quarterly revenue was up 26.4% on a year-over-year basis.

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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