Brookstone Capital Management Cuts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Brookstone Capital Management lowered its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,299 shares of the company’s stock after selling 40 shares during the period. Brookstone Capital Management’s holdings in Spotify Technology were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology during the second quarter valued at about $25,000. Benjamin Edwards Inc. boosted its holdings in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the last quarter. Mather Group LLC. raised its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares in the last quarter. Finally, Asset Dedication LLC purchased a new stake in Spotify Technology during the second quarter valued at approximately $35,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SPOT shares. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Finally, TD Cowen lifted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Price Performance

NYSE:SPOT opened at $373.70 on Monday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $389.23. The stock’s 50-day moving average price is $348.38 and its 200-day moving average price is $319.74. The stock has a market capitalization of $74.38 billion, a PE ratio of 152.53 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company earned ($1.69) earnings per share. As a group, equities analysts expect that Spotify Technology S.A. will post 6.24 EPS for the current fiscal 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.