Fortis Group Advisors LLC Lowers Stake in Spotify Technology S.A. (NYSE:SPOT)

Fortis Group Advisors LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 57.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,488 shares of the company’s stock after selling 7,539 shares during the quarter. Fortis Group Advisors LLC’s holdings in Spotify Technology were worth $2,022,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Transcendent Capital Group LLC purchased a new position in Spotify Technology in the second quarter worth approximately $25,000. Benjamin Edwards Inc. grew its holdings in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Mather Group LLC. increased its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $40,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research reports. Macquarie raised their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Pivotal Research upped their target price on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Morgan Stanley raised their price target on Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Guggenheim upped their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $362.21.

Spotify Technology Price Performance

NYSE SPOT traded up $3.02 during trading hours on Tuesday, reaching $384.99. The company’s stock had a trading volume of 341,597 shares, compared to its average volume of 1,854,115. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $76.63 billion, a PE ratio of 155.79 and a beta of 1.58. The company’s 50-day moving average is $353.40 and its two-hundred day moving average is $323.91. Spotify Technology S.A. has a fifty-two week low of $145.79 and a fifty-two week high of $389.23.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the company earned ($1.69) EPS. Analysts forecast that Spotify Technology S.A. will post 6.22 EPS 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.