Oppenheimer & Co. Inc. Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Oppenheimer & Co. Inc. cut its holdings in Spotify Technology S.A. (NYSE:SPOT) by 75.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 544 shares of the company’s stock after selling 1,637 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Spotify Technology were worth $200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $25,000. Benjamin Edwards Inc. grew its holdings 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 in the last quarter. Mather Group LLC. grew its holdings 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 in the last quarter. Asset Dedication LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $35,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $39,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on SPOT. Evercore ISI raised their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted their target price on Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $475.04 on Friday. Spotify Technology S.A. has a fifty-two week low of $178.73 and a fifty-two week high of $489.69. The firm has a market capitalization of $94.56 billion, a price-to-earnings ratio of 129.09 and a beta of 1.56. The stock’s 50-day simple moving average is $391.61 and its 200-day simple moving average is $344.27.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the firm posted $0.36 EPS. Spotify Technology’s revenue was up 18.8% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology S.A. will post 6.02 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.