DCF Advisers LLC Sells 750 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• DCF Advisers LLC reduced its holdings in Spotify Technology by 37.5%, now owning 1,250 shares worth $688,000.
• Other institutional investors significantly increased their positions in Spotify, with Jennison Associates LLC boosting its stake by 42.3%, totaling over $2.3 billion.
• Analysts have raised their target prices for Spotify Technology, with Evercore ISI's new target at $750.00 and Goldman Sachs at $775.00, reflecting a generally positive outlook.

DCF Advisers LLC trimmed its position in Spotify Technology (NYSE:SPOT - Free Report) by 37.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,250 shares of the company's stock after selling 750 shares during the period. DCF Advisers LLC's holdings in Spotify Technology were worth $688,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SPOT. QRG Capital Management Inc. lifted its stake in shares of Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after buying an additional 189 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after buying an additional 360 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after buying an additional 1,179 shares during the period. Fifth Third Bancorp lifted its position in Spotify Technology by 30.7% in the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Spotify Technology by 238.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after purchasing an additional 17,932 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SPOT shares. Benchmark lowered their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. KeyCorp reduced their target price on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Sanford C. Bernstein raised their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Pivotal Research lifted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Robert W. Baird boosted their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $16.11 during midday trading on Tuesday, reaching $642.48. 725,319 shares of the company's stock traded hands, compared to its average volume of 2,340,662. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The company has a market cap of $131.52 billion, a price-to-earnings ratio of 156.03, a price-to-earnings-growth ratio of 2.71 and a beta of 1.69. The company's 50 day simple moving average is $700.81 and its 200 day simple moving average is $626.67.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the company posted $1.33 EPS. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current 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.