Spotify Technology S.A. (NYSE:SPOT) Shares Sold by CTC Alternative Strategies Ltd.

CTC Alternative Strategies Ltd. trimmed its holdings in Spotify Technology S.A. (NYSE:SPOT) by 54.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,987 shares of the company’s stock after selling 3,566 shares during the period. Spotify Technology accounts for about 1.4% of CTC Alternative Strategies Ltd.’s holdings, making the stock its 14th biggest holding. CTC Alternative Strategies Ltd.’s holdings in Spotify Technology were worth $1,101,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after buying an additional 26 shares during the last quarter. West Bancorporation Inc. raised its stake in 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 purchasing an additional 27 shares during the period. Avior Wealth Management LLC boosted its holdings in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares during the last quarter. Washington Trust Advisors Inc. boosted its holdings in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Spotify Technology by 40.5% in 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 period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on SPOT shares. Barclays upped their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Macquarie increased their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $422.90.

Spotify Technology Stock Performance

Shares of SPOT opened at $498.63 on Friday. The stock has a 50-day simple moving average of $416.02 and a 200-day simple moving average of $357.30. The stock has a market capitalization of $99.25 billion, a PE ratio of 135.50 and a beta of 1.61. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company 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 business’s quarterly revenue 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. Analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current 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.