Altshuler Shaham Ltd Cuts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Altshuler Shaham Ltd lessened its holdings in Spotify Technology S.A. (NYSE:SPOT) by 37.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,867 shares of the company’s stock after selling 1,100 shares during the quarter. Altshuler Shaham Ltd’s holdings in Spotify Technology were worth $586,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Evoke Wealth LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Spotify Technology by 30.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after purchasing an additional 18,731 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after purchasing an additional 299,700 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $365.17 on Monday. The business’s 50-day simple moving average is $331.49 and its 200 day simple moving average is $307.67. The company has a market cap of $69.46 billion, a P/E ratio of -545.03 and a beta of 1.57. 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 one year low of $145.76 and a one year high of $368.29.

Spotify Technology (NYSE:SPOT) last posted 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. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.69) earnings per share. On average, sell-side analysts forecast that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on SPOT. Morgan Stanley increased their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Redburn Atlantic reaffirmed a “sell” rating and issued a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. Rosenblatt Securities lifted their price objective on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a research note on Wednesday, July 24th. Finally, Cantor Fitzgerald began coverage on Spotify Technology in a research note on Thursday, September 5th. They issued a “neutral” rating and a $340.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Company 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.