Quadrature Capital Ltd Has $73.40 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Quadrature Capital Ltd lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 8.1% during the third quarter, Holdings Channel.com reports. The fund owned 199,277 shares of the company’s stock after selling 17,645 shares during the period. Spotify Technology accounts for approximately 1.7% of Quadrature Capital Ltd’s holdings, making the stock its 17th largest holding. Quadrature Capital Ltd’s holdings in Spotify Technology were worth $73,403,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Cetera Investment Advisers increased its position in shares of Spotify Technology by 95.2% in the first quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock valued at $3,518,000 after acquiring an additional 6,502 shares during the last quarter. Cetera Advisors LLC grew its holdings in Spotify Technology by 19.8% during the first quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock worth $840,000 after purchasing an additional 526 shares during the period. GAMMA Investing LLC grew its holdings in Spotify Technology by 49.1% during the second quarter. GAMMA Investing LLC now owns 498 shares of the company’s stock worth $156,000 after purchasing an additional 164 shares during the period. Mather Group LLC. grew its holdings in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the period. Finally, Park Avenue Securities LLC grew its holdings in Spotify Technology by 104.3% during the second quarter. Park Avenue Securities LLC now owns 3,970 shares of the company’s stock worth $1,246,000 after purchasing an additional 2,027 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $502.42 on Thursday. The firm has a fifty day moving average price of $411.15 and a two-hundred day moving average price of $354.65. Spotify Technology S.A. has a one year low of $185.37 and a one year high of $506.47. The company has a market cap of $100.01 billion, a price-to-earnings ratio of 136.53 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the business earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on SPOT. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Barclays boosted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Piper Sandler boosted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” 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-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $422.90.

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.