Accretive Wealth Partners LLC Sells 236 Shares of Spotify Technology S.A. (NYSE:SPOT)

Accretive Wealth Partners LLC lowered its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,358 shares of the company’s stock after selling 236 shares during the quarter. Accretive Wealth Partners LLC’s holdings in Spotify Technology were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Transcendent Capital Group LLC acquired a new position in shares of Spotify Technology during the 2nd quarter worth about $25,000. Benjamin Edwards Inc. boosted its position in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. grew its stake in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Asset Dedication LLC bought a new position in Spotify Technology during the second quarter worth $35,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Spotify Technology during the 2nd quarter valued at $39,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $472.50 on Friday. Spotify Technology S.A. has a 52-week low of $178.73 and a 52-week high of $489.69. The stock has a 50-day simple moving average of $388.87 and a 200 day simple moving average of $342.73. The company has a market cap of $94.05 billion, a PE ratio of 128.40 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of several research reports. Piper Sandler boosted their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Phillip Securities restated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research note 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

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.