Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Beaird Harris Wealth Management LLC

Beaird Harris Wealth Management LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 20.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109 shares of the company’s stock after selling 28 shares during the quarter. Beaird Harris Wealth Management LLC’s holdings in Spotify Technology were worth $40,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new position in Spotify Technology during the 2nd quarter worth $25,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter worth about $26,000. Benjamin Edwards Inc. increased its stake in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $33,000. Finally, Asset Dedication LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $35,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT opened at $483.31 on Friday. The stock has a market capitalization of $96.20 billion, a P/E ratio of 131.33 and a beta of 1.61. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47. The company’s fifty day moving average is $426.66 and its two-hundred day moving average is $363.01.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. Sell-side analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent analyst reports. Morgan Stanley increased their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Wells Fargo & Company increased their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Pivotal Research increased their price objective on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $429.96.

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.