Cambridge Investment Research Advisors Inc. Lowers Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Cambridge Investment Research Advisors Inc. trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 13.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,189 shares of the company’s stock after selling 1,267 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Spotify Technology were worth $2,570,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. GQG Partners LLC purchased a new position in Spotify Technology during the 1st quarter valued at about $610,040,000. Artisan Partners Limited Partnership lifted its position in shares of Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after purchasing an additional 277,733 shares in the last quarter. Bamco Inc. NY boosted its stake in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after purchasing an additional 190,931 shares during the period. Swedbank AB grew its holdings in shares of Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SPOT shares. Benchmark reissued a “buy” rating and issued a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Pivotal Research upped their price target on Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Rosenblatt Securities upped their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $356.96.

Spotify Technology Price Performance

SPOT stock opened at $342.88 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $68.25 billion, a P/E ratio of -511.75 and a beta of 1.59. The business has a 50 day simple moving average of $324.06 and a 200-day simple moving average of $298.88. Spotify Technology S.A. has a twelve month low of $144.40 and a twelve month high of $359.38.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.69) EPS. As a group, equities analysts anticipate that Spotify Technology S.A. will post 6.37 EPS for the current year.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.