Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC decreased its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 93.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,426 shares of the company's stock after selling 100,816 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Spotify Technology were worth $2,737,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in Spotify Technology during the 2nd quarter valued at about $25,000. Benjamin Edwards Inc. increased its stake in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after purchasing an additional 33 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at approximately $40,000. Finally, Rakuten Securities Inc. grew its holdings in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock valued at $41,000 after buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SPOT shares. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. KeyCorp upped their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Phillip Securities reiterated an "accumulate" rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Pivotal Research upped their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Benchmark raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $429.96.

Spotify Technology Price Performance

NYSE:SPOT traded down $10.96 during midday trading on Tuesday, reaching $471.56. 2,783,230 shares of the company traded hands, compared to its average volume of 2,068,282. Spotify Technology S.A. has a twelve month low of $185.37 and a twelve month high of $506.47. The company has a fifty day moving average price of $418.31 and a 200 day moving average price of $359.00. The firm has a market capitalization of $93.86 billion, a price-to-earnings ratio of 128.15 and a beta of 1.61.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. On average, equities research analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal 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.