Diamond Hill Capital Management Inc. cut its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 55.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,396 shares of the company's stock after selling 4,289 shares during the quarter. Diamond Hill Capital Management Inc.'s holdings in Spotify Technology were worth $1,868,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology in the 4th quarter valued at about $26,000. Tsfg LLC acquired a new position in Spotify Technology in the 1st quarter valued at about $28,000. Copia Wealth Management acquired a new position in Spotify Technology in the 4th quarter valued at about $29,000. Cornerstone Planning Group LLC grew its stake in Spotify Technology by 512.5% in the 1st 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 last quarter. Finally, North Star Investment Management Corp. grew its stake in Spotify Technology by 52.8% in the 1st 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 last quarter. 84.09% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on SPOT shares. KeyCorp increased their target price on shares of Spotify Technology from $640.00 to $860.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Finally, Sanford C. Bernstein increased their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $727.52.
Check Out Our Latest Analysis on SPOT
Spotify Technology Price Performance
Shares of SPOT traded up $11.43 during trading hours on Friday, hitting $692.85. The company's stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. The company has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a PEG ratio of 1.81 and a beta of 1.68. The business has a 50 day simple moving average of $701.36 and a two-hundred day simple moving average of $617.47. Spotify Technology has a 52-week low of $300.57 and a 52-week high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 EPS. Research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.
About Spotify Technology
(
Free Report)
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.
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