Exchange Traded Concepts LLC Reduces Stake in Spotify Technology S.A. (NYSE:SPOT)

Exchange Traded Concepts LLC trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,838 shares of the company’s stock after selling 216 shares during the period. Exchange Traded Concepts LLC’s holdings in Spotify Technology were worth $3,626,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Transcendent Capital Group LLC purchased a new stake 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 worth $27,000 after purchasing an additional 58 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the period. Mather Group LLC. lifted its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares in the last quarter. Finally, Asset Dedication LLC bought a new position in Spotify Technology in the 2nd quarter worth approximately $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on SPOT. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Rosenblatt Securities raised their target price on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price target on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Macquarie raised their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Benchmark reaffirmed a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a research note on Monday, July 22nd. One 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’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $373.70 on Monday. The company has a market capitalization of $74.38 billion, a P/E ratio of 152.53 and a beta of 1.58. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50 day moving average price of $348.38 and a two-hundred day moving average price of $319.74.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the prior year, the company posted ($1.69) EPS. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. 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.