Barrington Positive on GSV Capital (GSVC), Says Spotify May Go Public in 2014

Barrington Research maintained an Outperform rating on GSV Capital (NASDAQ: GSVC) with a price target of $20.00. Analyst Jeff Houston noted the stock trades at a meaningful discount to NAV per share. He also noted outperformance of the funds holdings, and referred to management as a savvy team of technology mavericks.

"Among GSV's portfolio of about 50 companies, we think that 2U (S-1 filed), Dropbox, Gilt Group, Spotify, SugarCRM, and TruCar could go public in 2014," said analyst Houston. "Some of GSV’s newer investments include: curious.com, EdSurge, ePals (CVE:SLN), JAMF Software, Knewton, PayNearMe, and Stormwind Studios."

"GSV’s public holdings, excluding ePals, have advanced significantly, most notably Twitter, as shown below. Following is an update on the fund’s public holdings.

"Twitter (TWTR, lockup expires around 5/7/14) value of $99 million (1.9 million shares times $53.57 discounted by 7%), versus cost of $33 million, a 12/31 value of $103 million (discounted from $121 million), and 9/30 value of $45 million.

"Control4 (CTRL, lockup expired around 2/2/14) value of $18 million (0.8 million shares times $22.85), versus cost of $7 million, 12/31 value of $13.3 million (discounted from $14 million), and the 9/30 value of $12.5 million.

"Facebook (FB $68.83, lockup expired 2012) value of $13 million, versus cost of $5.2 million and the 9/30 value of $9 million. In Q3/13, GSV sold half of its 175,000 shares for $5 million.

"SilverSpring Networks (SSNI, lockup expired around 9/13/13) value of $2 million (0.1 million shares times $16.96), versus its cost of $5 million and the 9/30 value of $2 million.

"Chegg (CHGG, lockup expires around 5/13/14) value of $11 million (1.8 million shares times $6.56 discounted by 7%), versus cost of $14 million, 12/31 value of $9 million (discounted from $10 million) and 9/30 value of $14 million.

"Violin Memory (VMEM, lockup expires around 3/29/14) value of $5 million (1.2 million shares times $4.53), versus cost of $15 million and the 9/30 value of $8 million."

For an analyst ratings summary and ratings history on GSV Capital click here. For more ratings news on GSV Capital click here.

Shares of GSV Capital closed at $13.10 yesterday.

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