Point72 Hong Kong Ltd Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

Point72 Hong Kong Ltd trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 66.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,176 shares of the company’s stock after selling 35,727 shares during the period. Point72 Hong Kong Ltd’s holdings in Spotify Technology were worth $6,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the second quarter valued at $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% in 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 last quarter. Larson Financial Group LLC increased its holdings in shares of Spotify Technology by 51.6% in 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 last quarter. Mather Group LLC. raised its position 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, V Square Quantitative Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at about $40,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, KeyCorp raised their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Up 0.4 %

Shares of NYSE:SPOT opened at $476.96 on Friday. The firm has a 50 day moving average of $404.30 and a 200 day moving average of $350.65. The company has a market capitalization of $94.94 billion, a price-to-earnings ratio of 129.61 and a beta of 1.56. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69.

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). The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. On average, sell-side analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current year.

Spotify Technology Company 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.