Oppenheimer & Co. Inc. Reduces Stake in Spotify Technology S.A. (NYSE:SPOT)

Oppenheimer & Co. Inc. lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 75.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 544 shares of the company’s stock after selling 1,637 shares during the period. Oppenheimer & Co. Inc.’s holdings in Spotify Technology were worth $200,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new position in Spotify Technology in the second quarter valued at approximately $25,000. Benjamin Edwards Inc. lifted its holdings in 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. lifted its holdings in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the period. Asset Dedication LLC acquired a new position in Spotify Technology in the second quarter valued at approximately $35,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Spotify Technology in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.9 %

NYSE SPOT opened at $475.04 on Friday. The stock has a market cap of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56. Spotify Technology S.A. has a twelve month low of $178.73 and a twelve month high of $489.69. The stock has a fifty day simple moving average of $391.61 and a 200-day simple moving average of $344.27.

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 business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 earnings per share. Research analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

Analyst Ratings Changes

SPOT has been the subject of a number of analyst reports. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Bank of America upped their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler upped their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

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.