Spotify Technology S.A. (NYSE:SPOT) Holdings Decreased by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOTGet 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

Shares of Spotify Technology stock opened at $76.99 on Monday. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of -40.52 and a beta of 1.73. Spotify Technology S.A. has a 52-week low of $69.29 and a 52-week high of $266.91. The stock has a 50-day simple moving average of $87.13 and a 200-day simple moving average of $100.38.

Spotify Technology (NYSE:SPOTGet 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

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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.

Further Reading

Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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