L & S Advisors Inc Lowers Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• L & S Advisors Inc reduced its stake in Spotify Technology by 11.9%, now owning 3,422 shares worth approximately $1.88 million.
• Institutional ownership of Spotify is significant, with hedge funds and other institutions holding 84.09% of the company's stock, demonstrating strong interest from these investors.
• Research firms have recently increased their price targets for Spotify's shares, with estimates ranging from $600 to $900 and a consensus rating of "Moderate Buy."

L & S Advisors Inc reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 11.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,422 shares of the company's stock after selling 461 shares during the period. L & S Advisors Inc's holdings in Spotify Technology were worth $1,882,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the fourth quarter worth $26,000. Tsfg LLC purchased a new position in shares of Spotify Technology during the first quarter valued at about $28,000. Copia Wealth Management purchased a new position in shares of Spotify Technology during the fourth quarter valued at about $29,000. Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares during the period. Finally, North Star Investment Management Corp. increased its position in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SPOT shares. Macquarie upped their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Cantor Fitzgerald raised their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company raised their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

Shares of SPOT traded down $19.11 during mid-day trading on Tuesday, hitting $639.48. 891,049 shares of the company's stock were exchanged, compared to its average volume of 2,342,379. The stock's 50-day moving average is $700.81 and its 200-day moving average is $626.67. The company has a market cap of $130.91 billion, a price-to-earnings ratio of 155.70, a P/E/G ratio of 2.71 and a beta of 1.69. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00.

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