First Allied Advisory Services Inc. Buys 157 Shares of Spotify (NASDAQ:SPOT)

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First Allied Advisory Services Inc. grew its position in Spotify (NASDAQ:SPOT) by 4.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,482 shares of the company’s stock after purchasing an additional 157 shares during the period. First Allied Advisory Services Inc.’s holdings in Spotify were worth $482,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of Spotify by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 1,189,947 shares of the company’s stock worth $215,178,000 after purchasing an additional 90,326 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Spotify by 129.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 88,115 shares of the company’s stock valued at $15,934,000 after purchasing an additional 49,726 shares in the last quarter. Shine Investment Advisory Services Inc. lifted its holdings in shares of Spotify by 21.6% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 489 shares of the company’s stock valued at $56,000 after purchasing an additional 87 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Spotify by 22.8% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 522 shares of the company’s stock valued at $59,000 after purchasing an additional 97 shares in the last quarter. Finally, Zweig DiMenna Associates LLC lifted its holdings in shares of Spotify by 13.4% during the 4th quarter. Zweig DiMenna Associates LLC now owns 101,397 shares of the company’s stock valued at $11,509,000 after purchasing an additional 12,000 shares in the last quarter.

Spotify (NASDAQ:SPOT) last released its earnings results on Monday, April 29th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.53). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.47 billion. Spotify’s revenue was up 32.7% on a year-over-year basis. During the same period in the prior year, the company earned ($1.01) earnings per share.
Several equities analysts have commented on the company. Zacks Investment Research downgraded Spotify from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. Credit Suisse Group assumed coverage on Spotify in a research report on Friday, March 29th. They issued an “underperform” rating and a $120.00 target price for the company. UBS Group dropped their target price on Spotify from $182.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. Rosenblatt Securities reiterated a “buy” rating on shares of Spotify in a research report on Tuesday, April 30th. Finally, Raymond James decreased their price target on Spotify from $182.00 to $172.00 and set a “strong-buy” rating for the company in a research note on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $180.73.

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.