Advisors Asset Management Inc. Has $244,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Advisors Asset Management Inc. lowered its holdings in Spotify Technology S.A. (NYSE:SPOTGet Rating) by 31.1% during the second quarter, Holdings Channel.com reports. The firm owned 2,604 shares of the company’s stock after selling 1,173 shares during the period. Advisors Asset Management Inc.’s holdings in Spotify Technology were worth $244,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. First Manhattan Co. boosted its stake in Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after purchasing an additional 100 shares in the last quarter. Carmel Capital Partners LLC lifted its stake in shares of Spotify Technology by 1.9% during the second quarter. Carmel Capital Partners LLC now owns 6,306 shares of the company’s stock valued at $592,000 after acquiring an additional 116 shares during the period. Gs Investments Inc. lifted its stake in shares of Spotify Technology by 7.2% during the second quarter. Gs Investments Inc. now owns 1,918 shares of the company’s stock valued at $222,000 after acquiring an additional 129 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Spotify Technology by 0.5% during the second quarter. Asset Management One Co. Ltd. now owns 24,049 shares of the company’s stock valued at $2,256,000 after acquiring an additional 130 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Spotify Technology by 5.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,922 shares of the company’s stock valued at $441,000 after acquiring an additional 140 shares during the period. Institutional investors and hedge funds own 55.32% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $76.99 on Monday. The company has a market cap of $14.79 billion, a PE ratio of -40.52 and a beta of 1.73. Spotify Technology S.A. has a 52-week low of $69.29 and a 52-week high of $266.91. The stock has a 50-day simple moving average of $87.13 and a 200 day simple moving average of $100.38.

Spotify Technology (NYSE:SPOTGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.11). The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.03 billion. Spotify Technology had a negative return on equity of 8.21% and a negative net margin of 1.62%. On average, research analysts predict that Spotify Technology S.A. will post -2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price target on Spotify Technology from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, October 24th. Pivotal Research cut their price target on Spotify Technology from $105.00 to $100.00 in a research note on Wednesday, October 26th. Wells Fargo & Company cut their price target on Spotify Technology from $132.00 to $121.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 26th. The Goldman Sachs Group cut their target price on Spotify Technology from $133.00 to $114.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 26th. Finally, Barclays cut their target price on Spotify Technology from $164.00 to $135.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $151.72.

Spotify Technology Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

Further Reading

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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