Spotify Technology S.A. (NYSE:SPOT) Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,227 shares of the company’s stock after selling 280 shares during the quarter. D.A. Davidson & CO.’s holdings in Spotify Technology were worth $3,769,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. FMR LLC lifted its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. Dai ichi Life Insurance Company Ltd lifted its position in shares of Spotify Technology by 1.6% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 22,394 shares of the company’s stock worth $8,253,000 after purchasing an additional 351 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Spotify Technology by 123.8% during the third quarter. Bank of Montreal Can now owns 312,726 shares of the company’s stock worth $115,458,000 after purchasing an additional 172,985 shares in the last quarter. Canton Hathaway LLC raised its holdings in Spotify Technology by 18.6% in the third quarter. Canton Hathaway LLC now owns 2,296 shares of the company’s stock valued at $846,000 after acquiring an additional 360 shares in the last quarter. Finally, Independent Advisor Alliance raised its holdings in Spotify Technology by 120.4% in the third quarter. Independent Advisor Alliance now owns 4,187 shares of the company’s stock valued at $1,543,000 after acquiring an additional 2,287 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on SPOT shares. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Benchmark raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

NYSE:SPOT opened at $475.24 on Friday. The firm’s fifty day moving average price is $402.06 and its 200 day moving average price is $348.93. Spotify Technology S.A. has a 1-year low of $179.66 and a 1-year high of $489.69. The firm has a market cap of $94.60 billion, a price-to-earnings ratio of 129.14 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal 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.