DSG Capital Advisors LLC Sells 1,029 Shares of Spotify Technology $SPOT

DSG Capital Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT) by 52.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 927 shares of the company’s stock after selling 1,029 shares during the quarter. DSG Capital Advisors LLC’s holdings in Spotify Technology were worth $647,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SPOT. State Street Corp raised its position in Spotify Technology by 1.7% in the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after buying an additional 74,256 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 3.3% in the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock valued at $1,192,730,000 after purchasing an additional 49,377 shares during the last quarter. Invesco Ltd. lifted its position in shares of Spotify Technology by 17.3% in the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after purchasing an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC boosted its holdings in Spotify Technology by 14.4% during the second quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock worth $959,015,000 after purchasing an additional 157,567 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.2%

SPOT opened at $511.75 on Wednesday. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The business has a 50 day moving average of $564.41 and a 200-day moving average of $640.90. The stock has a market cap of $105.36 billion, a price-to-earnings ratio of 80.46, a PEG ratio of 0.97 and a beta of 1.66.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on SPOT shares. Moffett Nathanson began coverage on shares of Spotify Technology in a research note on Tuesday. They issued a “neutral” rating and a $487.00 price target on the stock. Pivotal Research lowered their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Rosenblatt Securities dropped their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Guggenheim lowered their price target on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $730.94.

About Spotify Technology

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.