Cannell & Co. Decreases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Cannell & Co. lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 14.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,640 shares of the company’s stock after selling 945 shares during the period. Cannell & Co.’s holdings in Spotify Technology were worth $906,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Activest Wealth Management purchased a new position in shares of Spotify Technology in the second quarter valued at $28,000. Ameritas Advisory Services LLC purchased a new position in Spotify Technology during the 1st quarter valued at about $27,000. Spire Wealth Management increased its holdings in Spotify Technology by 148.4% during the 1st quarter. Spire Wealth Management now owns 236 shares of the company’s stock valued at $32,000 after acquiring an additional 141 shares in the last quarter. First Manhattan Co. raised its position in Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after acquiring an additional 100 shares during the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Spotify Technology by 105.8% in the second quarter. Private Trust Co. NA now owns 319 shares of the company’s stock valued at $51,000 after purchasing an additional 164 shares in the last quarter. 56.89% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 1.9 %

SPOT opened at $174.40 on Wednesday. Spotify Technology S.A. has a 52-week low of $70.18 and a 52-week high of $182.00. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $159.67 and a two-hundred day moving average of $153.77.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, October 24th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.56. Spotify Technology had a negative return on equity of 32.26% and a negative net margin of 5.70%. The company had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.62 billion. On average, sell-side analysts predict that Spotify Technology S.A. will post -2.15 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SPOT. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $156.00 to $163.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 25th. Raymond James boosted their price target on Spotify Technology from $170.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, October 25th. KeyCorp increased their price objective on Spotify Technology from $205.00 to $210.00 and gave the company an “overweight” rating in a research note on Wednesday, October 25th. TD Cowen began coverage on shares of Spotify Technology in a research note on Monday, October 23rd. They issued a “market perform” rating and a $129.00 target price for the company. Finally, Monness Crespi & Hardt cut shares of Spotify Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, September 28th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $169.50.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.