Simon Quick Advisors LLC Sells 1,301 Shares of Spotify Technology $SPOT

Simon Quick Advisors LLC lowered its stake in shares of Spotify Technology (NYSE:SPOT) by 77.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 378 shares of the company’s stock after selling 1,301 shares during the period. Simon Quick Advisors LLC’s holdings in Spotify Technology were worth $264,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SPOT. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $29,000. Sound Income Strategies LLC increased its position in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares during the period. Finally, Albion Financial Group UT increased its position in shares of Spotify Technology by 80.0% during the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after purchasing an additional 20 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.2%

Shares of Spotify Technology stock opened at $573.88 on Monday. Spotify Technology has a 12-month low of $451.43 and a 12-month high of $785.00. The stock has a market capitalization of $118.16 billion, a P/E ratio of 90.23, a price-to-earnings-growth ratio of 1.03 and a beta of 1.66. The company has a 50-day simple moving average of $602.40 and a 200 day simple moving average of $665.14.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. BNP Paribas Exane began coverage on shares of Spotify Technology in a research note on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective for the company. Rosenblatt Securities decreased their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Benchmark upped their target price on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, Cantor Fitzgerald increased their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

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.