Huntington National Bank Decreases Position in Spotify Technology S.A. (NYSE:SPOT)

Huntington National Bank reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 282 shares of the company’s stock after selling 38 shares during the period. Huntington National Bank’s holdings in Spotify Technology were worth $104,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Parametrica Management Ltd purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $545,000. Angeles Investment Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth $480,000. Cumberland Partners Ltd boosted its stake in Spotify Technology by 16.7% during the 3rd quarter. Cumberland Partners Ltd now owns 3,500 shares of the company’s stock worth $1,290,000 after purchasing an additional 500 shares during the last quarter. Aigen Investment Management LP grew its holdings in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at about $244,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 4.0 %

SPOT stock opened at $458.32 on Monday. The business’s fifty day moving average price is $378.15 and its 200 day moving average price is $338.61. Spotify Technology S.A. has a 12-month low of $170.62 and a 12-month high of $489.69. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts predict that Spotify Technology S.A. will post 6.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPOT shares. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. TD Cowen boosted their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Wells Fargo & Company increased their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Finally, Macquarie raised their target price on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

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.