Spotify Technology $SPOT Holdings Trimmed by Long Walk Management LP

Long Walk Management LP lowered its holdings in Spotify Technology (NYSE:SPOT) by 43.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,800 shares of the company’s stock after selling 13,425 shares during the period. Spotify Technology makes up 2.5% of Long Walk Management LP’s portfolio, making the stock its 9th biggest position. Long Walk Management LP’s holdings in Spotify Technology were worth $12,424,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Knuff & Co LLC acquired a new stake in Spotify Technology during the 2nd quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at approximately $29,000. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at approximately $29,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SPOT shares. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Trading Up 2.8%

Shares of SPOT stock opened at $458.40 on Tuesday. The firm’s fifty day simple moving average is $531.43 and its 200 day simple moving average is $619.31. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a market capitalization of $94.35 billion, a P/E ratio of 47.55, a price-to-earnings-growth ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.88 earnings per share. Equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.