Capital CS Group LLC Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Capital CS Group LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 37.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,601 shares of the company’s stock after selling 979 shares during the period. Capital CS Group LLC’s holdings in Spotify Technology were worth $590,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new stake in Spotify Technology during the fourth quarter valued at approximately $166,000. Steward Partners Investment Advisory LLC raised its position in Spotify Technology by 4.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,297 shares of the company’s stock worth $432,000 after purchasing an additional 97 shares during the period. Royal London Asset Management Ltd. lifted its stake in Spotify Technology by 5.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 56,670 shares of the company’s stock worth $10,649,000 after purchasing an additional 2,966 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Spotify Technology by 9.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,939 shares of the company’s stock worth $1,680,000 after buying an additional 776 shares during the period. Finally, Gabelli Funds LLC lifted its position in shares of Spotify Technology by 371.2% during the fourth quarter. Gabelli Funds LLC now owns 46,713 shares of the company’s stock worth $8,778,000 after purchasing an additional 36,800 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research reports. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. Bank of America increased their price objective on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. TD Cowen lifted their target price on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. KeyCorp increased their price target on Spotify Technology from $420.00 to $440.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Pivotal Research raised their price target on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $1.15 during midday trading on Friday, reaching $371.45. The company had a trading volume of 1,095,140 shares, compared to its average volume of 1,502,556. Spotify Technology S.A. has a 1 year low of $145.76 and a 1 year high of $389.23. The business’s 50-day simple moving average is $344.49 and its 200 day simple moving average is $315.05. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion during 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%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business posted ($1.69) EPS. On average, equities research analysts expect that Spotify Technology S.A. will post 6.24 earnings per share for the current year.

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.