Picton Mahoney Asset Management Sells 7,058 Shares of Spotify Technology S.A. (NYSE:SPOT)

Picton Mahoney Asset Management lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 11.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,365 shares of the company’s stock after selling 7,058 shares during the quarter. Picton Mahoney Asset Management’s holdings in Spotify Technology were worth $17,688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares during the period. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the second quarter valued at about $25,000. Mather Group LLC. increased its stake 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. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter valued at about $32,000. Finally, FinTrust Capital Advisors LLC boosted its position in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays boosted their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Bank of America upped their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $356.96.

Spotify Technology Stock Up 0.6 %

SPOT stock traded up $2.15 during midday trading on Friday, hitting $342.88. The company’s stock had a trading volume of 1,077,146 shares, compared to its average volume of 1,961,840. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a twelve month low of $144.40 and a twelve month high of $359.38. The company’s fifty day moving average price is $324.06 and its 200 day moving average price is $298.07. The stock has a market capitalization of $65.22 billion, a P/E ratio of -511.76 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the previous year, the business earned ($1.69) EPS. The company’s revenue was up 19.8% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology S.A. will post 6.32 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.