D1 Capital Partners L.P. Decreases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

D1 Capital Partners L.P. reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 11.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 604,254 shares of the company’s stock after selling 75,807 shares during the quarter. Spotify Technology makes up about 4.3% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 7th largest holding. D1 Capital Partners L.P. owned approximately 0.30% of Spotify Technology worth $222,686,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the 2nd quarter valued at approximately $25,000. Benjamin Edwards Inc. grew its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Spotify Technology by 9,900.0% in 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 last quarter. Asset Dedication LLC purchased a new stake in shares of Spotify Technology in the second quarter worth about $35,000. Finally, Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Phillip Securities restated 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. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Wells Fargo & Company boosted their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Rosenblatt Securities increased 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. Finally, TD Cowen boosted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

SPOT opened at $475.24 on Friday. The stock has a market cap of $94.60 billion, a P/E ratio of 129.14 and a beta of 1.56. The firm has a fifty day moving average price of $402.06 and a 200 day moving average price of $348.93. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 EPS. Equities analysts expect 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.