Polar Asset Management Partners Inc. Trims Stake in Spotify Technology S.A. (NYSE:SPOT)

Polar Asset Management Partners Inc. reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,500 shares of the company’s stock after selling 500 shares during the period. Polar Asset Management Partners Inc.’s holdings in Spotify Technology were worth $12,714,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. boosted its stake in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. boosted its stake in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SPOT. Wells Fargo & Company raised their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $422.90.

Spotify Technology Stock Up 2.7 %

NYSE SPOT opened at $493.32 on Wednesday. Spotify Technology S.A. has a 52 week low of $185.37 and a 52 week high of $494.00. The stock has a market capitalization of $98.20 billion, a PE ratio of 134.05 and a beta of 1.61. The firm has a 50 day moving average of $408.78 and a two-hundred day moving average of $353.61.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $4.03 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

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.