Bamco Inc. NY Decreases Position in Spotify Technology S.A. (NYSE:SPOT)

Bamco Inc. NY cut its holdings in Spotify Technology S.A. (NYSE:SPOT) by 0.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 882,147 shares of the company’s stock after selling 3,256 shares during the period. Spotify Technology comprises approximately 0.9% of Bamco Inc. NY’s portfolio, making the stock its 25th largest holding. Bamco Inc. NY’s holdings in Spotify Technology were worth $325,098,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the second quarter worth approximately $25,000. Benjamin Edwards Inc. grew its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Mather Group LLC. increased its position 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 valued at $31,000 after acquiring an additional 99 shares during the period. Asset Dedication LLC bought a new position in shares of Spotify Technology during the second quarter valued at about $35,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Bank of America boosted their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Barclays upped their target price on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Macquarie upped their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Up 0.4 %

Shares of SPOT opened at $476.96 on Monday. Spotify Technology S.A. has a twelve month low of $179.66 and a twelve month high of $489.69. The company has a market capitalization of $94.94 billion, a P/E ratio of 129.61 and a beta of 1.56. The firm has a 50 day moving average of $404.30 and a 200 day moving average of $350.99.

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