Advisors Asset Management Inc. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 31.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,604 shares of the company’s stock after selling 1,173 shares during the quarter. Advisors Asset Management Inc.’s holdings in Spotify Technology were worth $244,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Daiwa Securities Group Inc. raised its stake in shares of Spotify Technology by 38.9% during the first quarter. Daiwa Securities Group Inc. now owns 5,501 shares of the company’s stock valued at $831,000 after purchasing an additional 1,541 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Spotify Technology by 36.1% during the first quarter. Park Avenue Securities LLC now owns 3,030 shares of the company’s stock worth $458,000 after acquiring an additional 804 shares during the period. Signaturefd LLC grew its holdings in Spotify Technology by 90.0% during the first quarter. Signaturefd LLC now owns 1,172 shares of the company’s stock worth $177,000 after acquiring an additional 555 shares during the period. FDx Advisors Inc. grew its holdings in Spotify Technology by 41.9% during the first quarter. FDx Advisors Inc. now owns 3,809 shares of the company’s stock worth $575,000 after acquiring an additional 1,124 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in Spotify Technology by 181.0% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,381 shares of the company’s stock worth $662,000 after acquiring an additional 2,822 shares during the period. 55.32% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts recently issued reports on SPOT shares. Raymond James lowered their target price on Spotify Technology from $150.00 to $110.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. Piper Sandler started coverage on Spotify Technology in a report on Thursday, October 20th. They set a “neutral” rating and a $87.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on Spotify Technology from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, October 24th. Citigroup dropped their price target on Spotify Technology from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, October 27th. Finally, Morgan Stanley dropped their price target on Spotify Technology from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $151.72.
Spotify Technology Price Performance
Spotify Technology (NYSE:SPOT – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.11). The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.03 billion. Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. As a group, equities research analysts predict that Spotify Technology S.A. will post -2.64 earnings per share for the current year.
Spotify Technology Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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