Point72 DIFC Ltd Sells 13,310 Shares of Spotify Technology S.A. (NYSE:SPOT)

Point72 DIFC Ltd cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 80,093 shares of the company’s stock after selling 13,310 shares during the period. Spotify Technology comprises about 1.0% of Point72 DIFC Ltd’s holdings, making the stock its 4th biggest holding. Point72 DIFC Ltd’s holdings in Spotify Technology were worth $29,517,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares in the last quarter. West Bancorporation Inc. grew its holdings in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares in the last quarter. Avior Wealth Management LLC raised its position in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares during the last quarter. Washington Trust Advisors Inc. raised its position in shares of Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Evercore ISI lifted their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. 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 report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $422.90.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $493.32 on Wednesday. Spotify Technology S.A. has a 1-year low of $185.37 and a 1-year high of $494.00. The stock has a market cap of $98.20 billion, a P/E ratio of 134.05 and a beta of 1.61. The firm has a fifty day moving average price of $408.78 and a 200 day moving average price of $353.61.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $0.36 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology S.A. will post 6.02 EPS 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.