Simon Quick Advisors LLC Has $264,000 Stake in Spotify Technology $SPOT

Simon Quick Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT) by 77.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 378 shares of the company’s stock after selling 1,301 shares during the quarter. Simon Quick Advisors LLC’s holdings in Spotify Technology were worth $264,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at $27,000. Total Investment Management Inc. bought a new position in shares of Spotify Technology during the 2nd quarter valued at $29,000. Sound Income Strategies LLC lifted its stake in shares of 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 purchasing an additional 25 shares during the last quarter. Finally, Albion Financial Group UT boosted its holdings in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.2%

Shares of NYSE:SPOT opened at $573.88 on Monday. The company has a market cap of $118.16 billion, a price-to-earnings ratio of 90.23, a PEG ratio of 1.03 and a beta of 1.66. The business has a 50 day moving average price of $602.40 and a 200 day moving average price of $665.14. Spotify Technology has a twelve month low of $451.43 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $4.23 billion. During the same period in the previous year, the business posted $1.45 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent research reports. Benchmark raised their target price on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Rosenblatt Securities decreased their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Finally, BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.