Diamond Hill Capital Management Inc. Cuts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Diamond Hill Capital Management Inc. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,264 shares of the company’s stock after selling 2,005 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Spotify Technology were worth $3,414,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $13,172,000. Truxt Investmentos Ltda. purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $3,026,000. Colonial River Investments LLC purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $615,000. Axxcess Wealth Management LLC raised its position in Spotify Technology by 232.5% in the third quarter. Axxcess Wealth Management LLC now owns 2,939 shares of the company’s stock worth $1,083,000 after acquiring an additional 2,055 shares in the last quarter. Finally, Sigma Planning Corp purchased a new position in Spotify Technology in the third quarter worth $1,922,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SPOT shares. Pivotal Research raised their price target on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. 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 note on Thursday, August 29th. Morgan Stanley lifted their price objective on Spotify Technology from $400.00 to $430.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $381.04.

Spotify Technology Price Performance

Shares of SPOT opened at $410.23 on Tuesday. The company has a market cap of $81.66 billion, a P/E ratio of 167.44 and a beta of 1.56. The stock has a fifty day moving average price of $366.54 and a 200 day moving average price of $332.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a 12 month low of $169.02 and a 12 month high of $412.95.

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.