D.A. Davidson & CO. Reduces Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

D.A. Davidson & CO. reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 18.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,507 shares of the company’s stock after selling 2,322 shares during the quarter. D.A. Davidson & CO.’s holdings in Spotify Technology were worth $3,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SPOT. GQG Partners LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $610,040,000. Artisan Partners Limited Partnership raised its holdings in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after acquiring an additional 277,733 shares during the period. Bamco Inc. NY lifted its position in shares of Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after acquiring an additional 190,931 shares in the last quarter. Swedbank AB boosted 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 worth $267,514,000 after acquiring an additional 99,730 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Rosenblatt Securities raised their target price on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their target price on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Wolfe Research started coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Barclays upped their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Morgan Stanley lifted their price objective on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $356.96.

Spotify Technology Price Performance

Shares of SPOT stock opened at $328.75 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $359.38. The firm has a market cap of $62.53 billion, a P/E ratio of -490.67 and a beta of 1.59. The business’s 50 day moving average price is $324.77 and its 200-day moving average price is $300.14.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm earned ($1.69) EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. On average, equities research analysts anticipate that Spotify Technology S.A. will post 6.37 earnings per share for the current year.

About Spotify Technology

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.