Spotify Technology S.A. (NYSE:SPOT) Stock Holdings Lessened by Anchor Investment Management LLC

Anchor Investment Management LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 45.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 258 shares of the company’s stock after selling 211 shares during the period. Anchor Investment Management LLC’s holdings in Spotify Technology were worth $81,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPOT. Larson Financial Group LLC grew its stake in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the last quarter. Transcendent Capital Group LLC bought a new position in Spotify Technology in the 2nd quarter worth about $25,000. Benjamin Edwards Inc. increased its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. increased its stake in shares of Spotify Technology by 9,900.0% in 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 during the period. Finally, FinTrust Capital Advisors LLC boosted its position in shares of Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SPOT shares. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Wolfe Research began coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective for the company. Bank of America raised their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. TD Cowen increased their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Benchmark restated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. One equities research 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Stock Performance

SPOT stock opened at $371.56 on Friday. The firm has a 50 day simple moving average of $344.49 and a 200 day simple moving average of $315.05. Spotify Technology S.A. has a 52 week low of $145.76 and a 52 week high of $389.23. The stock has a market cap of $70.67 billion, a P/E ratio of -554.57 and a beta of 1.58. 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 (NYSE:SPOT) last issued its earnings results 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. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the business posted ($1.69) EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. Research analysts anticipate that Spotify Technology S.A. will post 6.26 earnings per share for the current fiscal year.

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.