Spotify Technology $SPOT Stock Holdings Cut by Bwcp LP

Bwcp LP cut its position in shares of Spotify Technology (NYSE:SPOT) by 58.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 10,852 shares of the company’s stock after selling 15,309 shares during the quarter. Spotify Technology accounts for 1.4% of Bwcp LP’s portfolio, making the stock its 26th largest position. Bwcp LP’s holdings in Spotify Technology were worth $8,327,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SPOT. Joel Isaacson & Co. LLC grew its holdings in Spotify Technology by 1.0% during the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock worth $1,190,000 after acquiring an additional 15 shares during the period. Ignite Planners LLC boosted its position in shares of Spotify Technology by 2.4% during the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after purchasing an additional 15 shares in the last quarter. Stonekeep Investments LLC grew its stake in shares of Spotify Technology by 2.1% in the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock worth $593,000 after purchasing an additional 16 shares during the last quarter. Moody National Bank Trust Division raised its holdings in shares of Spotify Technology by 0.5% in the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock worth $2,249,000 after purchasing an additional 16 shares in the last quarter. Finally, Cloud Capital Management LLC lifted its stake in Spotify Technology by 4.8% during the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock valued at $301,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.3%

Shares of Spotify Technology stock opened at $597.27 on Friday. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00. The company has a market cap of $122.97 billion, a P/E ratio of 93.91, a P/E/G ratio of 1.98 and a beta of 1.66. The stock has a 50-day moving average price of $631.45 and a 200 day moving average price of $677.22.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.45 EPS. On average, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Barclays decreased their target price on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. The Goldman Sachs Group downgraded Spotify Technology from a “buy” rating to a “neutral” rating and upped their target price for the company from $765.00 to $770.00 in a report on Tuesday, September 30th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, BNP Paribas Exane began coverage on Spotify Technology in a report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $758.86.

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.