Spotify (NASDAQ:SPOT) released its earnings results on Monday, April 29th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.53), Morningstar.com reports. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the previous year, the business earned ($1.01) earnings per share. The business’s quarterly revenue was up 32.7% on a year-over-year basis. Spotify updated its FY 2019 guidance to EPS and its Q2 2019 guidance to EPS.
Spotify stock traded down $5.15 during midday trading on Wednesday, hitting $127.09. 1,958,994 shares of the company’s stock were exchanged, compared to its average volume of 1,649,708. Spotify has a 12 month low of $103.29 and a 12 month high of $198.99.
Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its position in shares of Spotify by 6.8% during the first quarter. Baillie Gifford & Co. now owns 18,761,960 shares of the company’s stock valued at $2,604,161,000 after buying an additional 1,196,056 shares during the last quarter. Morgan Stanley raised its position in shares of Spotify by 122.5% in the 1st quarter. Morgan Stanley now owns 10,184,531 shares of the company’s stock valued at $1,413,613,000 after purchasing an additional 5,607,903 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Spotify by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 5,563,817 shares of the company’s stock valued at $772,257,000 after purchasing an additional 167,687 shares during the last quarter. Coatue Management LLC raised its position in shares of Spotify by 70.5% in the 4th quarter. Coatue Management LLC now owns 3,695,289 shares of the company’s stock valued at $419,415,000 after purchasing an additional 1,528,312 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt raised its position in shares of Spotify by 28.4% in the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,649,000 shares of the company’s stock valued at $228,898,000 after purchasing an additional 365,000 shares during the last quarter.
A number of equities research analysts recently issued reports on SPOT shares. Rosenblatt Securities reaffirmed a “buy” rating on shares of Spotify in a research note on Tuesday, April 30th. Raymond James decreased their price target on shares of Spotify from $182.00 to $172.00 and set a “strong-buy” rating on the stock in a research note on Friday, April 26th. Zacks Investment Research downgraded shares of Spotify from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. UBS Group upped their price target on shares of Spotify from $180.00 to $182.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Pivotal Research reaffirmed a “buy” rating and set a $155.00 price target (down previously from $165.00) on shares of Spotify in a research note on Monday, April 29th. Three 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 stock. The company presently has a consensus rating of “Buy” and a consensus price target 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.
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