Cresset Asset Management LLC Decreases Stake in Spotify Technology $SPOT

Cresset Asset Management LLC lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 22.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,376 shares of the company’s stock after selling 2,473 shares during the period. Cresset Asset Management LLC’s holdings in Spotify Technology were worth $6,427,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $27,000. Sound Income Strategies LLC grew its holdings in Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares in the last quarter. GFG Capital LLC purchased a new stake in Spotify Technology in the 2nd quarter valued at $33,000. Truvestments Capital LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth $34,000. Finally, Avion Wealth purchased a new position in shares of Spotify Technology during the 2nd quarter worth $38,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SPOT shares. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Guggenheim decreased their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. The Goldman Sachs Group downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and raised their price target for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Citigroup upped their price objective on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Finally, Rosenblatt Securities cut their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $758.86.

Spotify Technology Stock Performance

NYSE:SPOT opened at $565.62 on Friday. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The company has a 50 day moving average price of $642.44 and a 200 day moving average price of $679.32. The stock has a market capitalization of $116.46 billion, a P/E ratio of 88.93, a PEG ratio of 1.87 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the firm earned $1.45 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Company 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.