Oak Harvest Investment Services Cuts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Oak Harvest Investment Services decreased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,443 shares of the company’s stock after selling 792 shares during the quarter. Oak Harvest Investment Services’ holdings in Spotify Technology were worth $2,435,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter worth about $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $550.45 on Friday. Spotify Technology S.A. has a 52 week low of $213.31 and a 52 week high of $558.31. The company has a market cap of $109.57 billion, a PE ratio of 149.58 and a beta of 1.62. The firm has a 50 day simple moving average of $477.67 and a 200 day simple moving average of $400.99.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Rosenblatt Securities raised their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $449.79.

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.