Spotify Technology S.A. (NYSE:SPOT) Position Trimmed by Alpha DNA Investment Management LLC

Alpha DNA Investment Management LLC reduced its holdings in Spotify Technology S.A. (NYSE:SPOT) by 9.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,346 shares of the company’s stock after selling 256 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in Spotify Technology were worth $865,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Transcendent Capital Group LLC bought a new position in Spotify Technology in the second quarter worth about $25,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. Asset Dedication LLC acquired a new position in Spotify Technology during the 2nd quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its stake in 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 buying an additional 33 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Evercore ISI raised their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays upped their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Rosenblatt Securities boosted their price objective on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $475.04 on Friday. The company has a market capitalization of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56. The stock has a fifty day moving average of $391.61 and a 200-day moving average of $344.27. Spotify Technology S.A. has a one year low of $178.73 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 earnings per share. As a group, research analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

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.