Spotify’s (SPOT) Lock-Up Period Will Expire on October 1st

Spotify’s (NASDAQ:SPOT) lock-up period will expire on Monday, October 1st. Spotify had issued 55,731,480 shares in its initial public offering on April 3rd. The total size of the offering was $9,245,852,532 based on an initial share price of $165.90. After the expiration of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Several analysts have recently issued reports on the stock. Raymond James upped their target price on shares of Spotify from $220.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 26th. JPMorgan Chase & Co. upped their target price on shares of Spotify from $190.00 to $225.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Zacks Investment Research cut shares of Spotify from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Monness Crespi & Hardt assumed coverage on shares of Spotify in a research report on Monday, August 27th. They set a “buy” rating and a $265.00 target price on the stock. Finally, MKM Partners upped their target price on shares of Spotify from $200.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $206.96.

Spotify stock opened at $184.41 on Friday. Spotify has a 1-year low of $135.51 and a 1-year high of $198.99.

Spotify (NASDAQ:SPOT) last posted its quarterly earnings data on Thursday, July 26th. The company reported ($2.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.63) by ($1.57). The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. The business’s revenue for the quarter was up 26.4% compared to the same quarter last year.

A number of institutional investors have recently bought and sold shares of the stock. United Services Automobile Association purchased a new stake in Spotify in the 2nd quarter worth about $7,884,000. FMR LLC purchased a new position in shares of Spotify during the second quarter worth approximately $91,137,000. TPG Group Holdings SBS Advisors Inc. purchased a new position in shares of Spotify during the second quarter worth approximately $693,702,000. Wallace Capital Management Inc. purchased a new position in shares of Spotify during the second quarter worth approximately $287,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Spotify during the second quarter worth approximately $6,459,000.

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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