Sowell Financial Services LLC Sells 5,329 Shares of Spotify Technology $SPOT

Sowell Financial Services LLC cut its position in Spotify Technology (NYSE:SPOT) by 62.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,205 shares of the company’s stock after selling 5,329 shares during the period. Sowell Financial Services LLC’s holdings in Spotify Technology were worth $2,237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Sapient Capital LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth approximately $322,000. Legacy Capital Group California Inc. raised its holdings in Spotify Technology by 110.9% in the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after purchasing an additional 2,049 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in Spotify Technology by 39.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock valued at $1,486,000 after buying an additional 769 shares during the period. Swedbank AB boosted its holdings in shares of Spotify Technology by 1.4% during the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after buying an additional 13,458 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Spotify Technology in the second quarter worth about $18,877,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 0.5%

Shares of SPOT opened at $581.62 on Tuesday. The company has a market cap of $119.75 billion, a P/E ratio of 91.45, a P/E/G ratio of 1.88 and a beta of 1.66. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The company’s fifty day simple moving average is $609.79 and its 200-day simple moving average is $668.97.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion during 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 for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $1.45 earnings per share. Analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SPOT shares. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Cantor Fitzgerald boosted their price objective on Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Guggenheim decreased their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $760.23.

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.