Long Walk Management LP Sells 13,425 Shares of Spotify Technology $SPOT

Long Walk Management LP lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 43.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,800 shares of the company’s stock after selling 13,425 shares during the period. Spotify Technology accounts for approximately 2.5% of Long Walk Management LP’s holdings, making the stock its 9th biggest position. Long Walk Management LP’s holdings in Spotify Technology were worth $12,424,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SPOT. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter worth $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. lifted its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. Total Investment Management Inc. bought a new position in Spotify Technology in the 2nd quarter worth about $29,000. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $29,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPOT. Guggenheim decreased their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Benchmark lowered their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Moffett Nathanson started coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target for the company. Finally, Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $706.42.

Spotify Technology Price Performance

SPOT stock opened at $458.40 on Tuesday. The firm has a market cap of $94.35 billion, a PE ratio of 47.55, a P/E/G ratio of 1.08 and a beta of 1.66. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The firm has a 50 day simple moving average of $531.43 and a 200 day simple moving average of $619.31.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.88 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.