Advisors Asset Management Inc. Decreases Position in Spotify Technology S.A. (NYSE:SPOT)

Advisors Asset Management Inc. decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 4.0% in the third quarter, Holdings Channel reports. The firm owned 2,219 shares of the company’s stock after selling 93 shares during the period. Advisors Asset Management Inc.’s holdings in Spotify Technology were worth $818,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. West Bancorporation Inc. boosted its holdings in Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares in the last quarter. Avior Wealth Management LLC boosted its stake in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares in the last quarter. Washington Trust Advisors Inc. boosted its stake in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after purchasing an additional 32 shares in the last quarter. Rakuten Securities Inc. grew its position in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the last quarter. Finally, Custom Index Systems LLC increased its stake in Spotify Technology by 3.0% during the 3rd quarter. Custom Index Systems LLC now owns 1,150 shares of the company’s stock valued at $424,000 after purchasing an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.0 %

SPOT stock opened at $476.74 on Wednesday. The business’s 50-day moving average is $397.13 and its 200 day moving average is $347.15. Spotify Technology S.A. has a 12-month low of $179.66 and a 12-month high of $489.69. The stock has a market cap of $94.89 billion, a price-to-earnings ratio of 129.55 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 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share. As a group, equities analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. KeyCorp increased their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Rosenblatt Securities raised their price objective on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Evercore ISI upped their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Profile

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.