Park Avenue Securities LLC Decreases Stake in Spotify Technology S.A. (NYSE:SPOT)

Park Avenue Securities LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,484 shares of the company’s stock after selling 486 shares during the period. Park Avenue Securities LLC’s holdings in Spotify Technology were worth $1,284,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Clearbridge Investments LLC boosted its position in shares of Spotify Technology by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after acquiring an additional 38 shares during the last quarter. Cigna Investments Inc. New raised its stake in Spotify Technology by 3.3% during the second quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after purchasing an additional 40 shares during the period. Moody Lynn & Lieberson LLC boosted its holdings in Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after purchasing an additional 40 shares during the last quarter. Larson Financial Group LLC grew its stake 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 valued at $25,000 after buying an additional 43 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Spotify Technology by 4.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock worth $337,000 after buying an additional 43 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.1 %

Shares of NYSE SPOT opened at $370.43 on Wednesday. The business has a 50-day moving average of $345.28 and a two-hundred day moving average of $316.59. The company has a market capitalization of $70.46 billion, a price-to-earnings ratio of -552.88 and a beta of 1.58. Spotify Technology S.A. has a 1 year low of $145.76 and a 1 year high of $389.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Evercore ISI increased their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Barclays raised their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Pivotal Research lifted their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Benchmark restated a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $359.14.

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.