Tidal Investments LLC Lowers Holdings in Spotify Technology S.A. (NYSE:SPOT)

Tidal Investments LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 22.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,008 shares of the company's stock after selling 1,182 shares during the quarter. Tidal Investments LLC's holdings in Spotify Technology were worth $1,477,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Aigen Investment Management LP lifted its position in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after buying an additional 2,918 shares during the last quarter. Pathway Capital Management LP increased its position in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock worth $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd lifted its holdings in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company's stock valued at $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Covenant Asset Management LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $3,364,000. Finally, Jag Capital Management LLC purchased a new stake in Spotify Technology in the third quarter valued at about $13,569,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. TD Cowen lifted their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a "hold" rating in a research note on Wednesday, November 13th. Pivotal Research boosted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. One equities research 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 stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $429.96.

Spotify Technology Trading Down 1.0 %

Shares of Spotify Technology stock traded down $4.62 during trading hours on Wednesday, hitting $469.75. 421,250 shares of the company were exchanged, compared to its average volume of 2,052,400. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47. The business has a 50-day moving average of $431.18 and a 200-day moving average of $366.29. The stock has a market capitalization of $93.51 billion, a price-to-earnings ratio of 128.90 and a beta of 1.61.

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

About Spotify Technology

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.