Freedom Investment Management Inc. Sells 400 Shares of Spotify Technology S.A. (NYSE:SPOT)

Freedom Investment Management Inc. reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 7.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,969 shares of the company’s stock after selling 400 shares during the period. Freedom Investment Management Inc.’s holdings in Spotify Technology were worth $1,831,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Transcendent Capital Group LLC purchased a new position in Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Mather Group LLC. increased its holdings 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 purchasing an additional 99 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology in the third quarter worth $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SPOT. KeyCorp boosted their target price on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays raised their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Evercore ISI increased their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $475.34 on Thursday. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69. The firm has a 50-day moving average of $399.75 and a 200 day moving average of $348.05. The stock has a market cap of $94.62 billion, a P/E ratio of 129.17 and a beta of 1.56.

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