Cwm LLC Cuts Holdings in Spotify Technology $SPOT

Cwm LLC reduced its holdings in Spotify Technology (NYSE:SPOT) by 11.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,842 shares of the company’s stock after selling 2,800 shares during the quarter. Cwm LLC’s holdings in Spotify Technology were worth $14,548,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter valued at $27,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology in the second quarter valued at about $29,000. Sound Income Strategies LLC boosted its holdings in Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. Finally, GFG Capital LLC purchased a new stake in Spotify Technology during the second quarter worth about $33,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $584.80 on Friday. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The company has a market capitalization of $120.41 billion, a price-to-earnings ratio of 91.95, a PEG ratio of 1.88 and a beta of 1.66. The stock has a fifty day moving average of $611.66 and a two-hundred day moving average of $670.09.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.45 earnings per share. On average, analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on SPOT shares. BNP Paribas Exane initiated coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 target price for the company. Argus assumed coverage on Spotify Technology in a research note on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. Benchmark lifted their price objective on Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Company 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.