Spotify Technology S.A. (NYSE:SPOT) Holdings Lessened by Consolidated Press International Holdings Ltd.

Consolidated Press International Holdings Ltd. trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 14,621 shares of the company’s stock after selling 813 shares during the period. Spotify Technology comprises 0.8% of Consolidated Press International Holdings Ltd.’s investment portfolio, making the stock its 8th biggest holding. Consolidated Press International Holdings Ltd.’s holdings in Spotify Technology were worth $5,388,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $25,000. Benjamin Edwards Inc. increased its stake in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Mather Group LLC. increased its stake in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the period. Asset Dedication LLC purchased a new stake in Spotify Technology during the 2nd quarter worth approximately $35,000. Finally, Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Morgan Stanley upped their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Rosenblatt Securities boosted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. One research 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, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Up 0.3 %

SPOT opened at $476.90 on Friday. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69. The business has a 50 day moving average price of $404.30 and a two-hundred day moving average price of $350.23. The company has a market cap of $94.93 billion, a PE ratio of 129.59 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company earned $0.36 EPS. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology S.A. will post 6.02 EPS 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.