Oak Harvest Investment Services Sells 792 Shares of Spotify Technology S.A. (NYSE:SPOT)

Oak Harvest Investment Services lowered its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,443 shares of the company’s stock after selling 792 shares during the period. Oak Harvest Investment Services’ holdings in Spotify Technology were worth $2,435,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Aigen Investment Management LP lifted its stake in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new stake in Spotify Technology in the fourth quarter valued at $214,000. Pathway Capital Management LP grew its position in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after acquiring an additional 11,042 shares during the period. Perpetual Ltd raised its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Finally, Covenant Asset Management LLC bought a new position in shares of Spotify Technology during the third quarter valued at $3,364,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 2.2 %

NYSE SPOT opened at $550.45 on Friday. The firm’s fifty day moving average price is $477.67 and its two-hundred day moving average price is $400.99. Spotify Technology S.A. has a 1 year low of $213.31 and a 1 year high of $558.31. The firm has a market capitalization of $109.57 billion, a P/E ratio of 149.58 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPOT. TD Cowen increased their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Bank of America raised their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, KeyCorp increased their price target on Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $449.79.

Spotify Technology Company 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.