Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Avity Investment Management Inc.

Avity Investment Management Inc. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 877 shares of the company’s stock after selling 223 shares during the period. Avity Investment Management Inc.’s holdings in Spotify Technology were worth $323,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Watts Gwilliam & Co. LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at approximately $370,000. UMB Bank n.a. grew its stake in Spotify Technology by 163.6% in the 3rd quarter. UMB Bank n.a. now owns 319 shares of the company’s stock valued at $118,000 after acquiring an additional 198 shares during the period. Perpetual Ltd increased its holdings in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Wedmont Private Capital raised its position in Spotify Technology by 19.2% during the third quarter. Wedmont Private Capital now owns 1,150 shares of the company’s stock worth $417,000 after acquiring an additional 185 shares during the period. Finally, Gunderson Capital Management Inc. purchased a new position in Spotify Technology during the third quarter valued at $3,051,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.1 %

Spotify Technology stock traded down $4.30 during mid-day trading on Friday, reaching $373.70. 1,260,659 shares of the company’s stock were exchanged, compared to its average volume of 1,882,822. The company has a market cap of $74.38 billion, a P/E ratio of 152.60 and a beta of 1.58. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $389.23. The company has a fifty day moving average of $348.38 and a 200-day moving average of $318.93. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced 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 company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm earned ($1.69) earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology S.A. will post 6.24 EPS for the current year.

Analyst Ratings Changes

SPOT has been the subject of several research analyst reports. Pivotal Research upped their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Macquarie increased their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $359.14.

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.