MetLife Investment Management LLC Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

MetLife Investment Management LLC lessened its holdings in Spotify Technology S.A. (NYSE:SPOT) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,268 shares of the company’s stock after selling 65 shares during the quarter. MetLife Investment Management LLC’s holdings in Spotify Technology were worth $3,416,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SPOT. First Horizon Advisors Inc. lifted its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after buying an additional 26 shares during the last quarter. West Bancorporation Inc. boosted its holdings in Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares in the last quarter. Avior Wealth Management LLC increased its stake in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares during the last quarter. Washington Trust Advisors Inc. raised its holdings in Spotify Technology by 12.0% during the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after purchasing an additional 32 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upped 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. Canaccord Genuity Group raised their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $422.90.

Spotify Technology Trading Up 2.7 %

Shares of SPOT opened at $493.32 on Wednesday. The firm’s 50-day moving average is $408.78 and its two-hundred day moving average is $353.61. Spotify Technology S.A. has a twelve month low of $185.37 and a twelve month high of $494.00. The firm has a market capitalization of $98.20 billion, a P/E ratio of 134.05 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last released 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). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

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.