Advisors Asset Management Inc. Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Advisors Asset Management Inc. lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 4.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,219 shares of the company’s stock after selling 93 shares during the quarter. Advisors Asset Management Inc.’s holdings in Spotify Technology were worth $818,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $25,000. Benjamin Edwards Inc. increased its position in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. raised its stake in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC bought a new position in Spotify Technology during the second quarter valued at $35,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Spotify Technology during the second quarter valued at $39,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0 %

Spotify Technology stock opened at $476.74 on Wednesday. The firm has a market cap of $94.89 billion, a P/E ratio of 129.55 and a beta of 1.56. The business has a fifty day moving average of $397.13 and a two-hundred day moving average of $347.15. Spotify Technology S.A. has a twelve month low of $179.66 and a twelve month high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share 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 company 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 company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Rosenblatt Securities upped their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. KeyCorp upped their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Benchmark lifted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Barclays raised their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.