Daiwa Securities Group Inc. Sells 3,395 Shares of Spotify Technology $SPOT

Daiwa Securities Group Inc. lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 8.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,061 shares of the company’s stock after selling 3,395 shares during the period. Daiwa Securities Group Inc.’s holdings in Spotify Technology were worth $28,438,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth approximately $27,000. Sound Income Strategies LLC increased its position in Spotify Technology by 156.3% in 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 during the last quarter. GFG Capital LLC bought a new stake in shares of Spotify Technology in the second quarter valued at $33,000. Avion Wealth purchased a new position in shares of Spotify Technology during the 2nd quarter valued at $38,000. Finally, Truvestments Capital LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at $34,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SPOT shares. BNP Paribas Exane began coverage on Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective for the company. Barclays reduced their target price on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Argus began coverage on shares of Spotify Technology in a research report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target on the stock. Benchmark raised their price objective on shares of Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $758.86.

Spotify Technology Trading Up 3.3%

Spotify Technology stock opened at $591.09 on Wednesday. Spotify Technology has a 1-year low of $443.21 and a 1-year high of $785.00. The firm has a market capitalization of $121.70 billion, a PE ratio of 92.94, a price-to-earnings-growth ratio of 1.89 and a beta of 1.66. The firm’s 50 day simple moving average is $637.18 and its 200 day simple moving average is $678.67.

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 during 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 business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.45 EPS. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

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.