MSA Advisors LLC Sells 1,020 Shares of Spotify Technology S.A. (NYSE:SPOT)

MSA Advisors LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 40,255 shares of the company’s stock after selling 1,020 shares during the quarter. Spotify Technology accounts for about 3.6% of MSA Advisors LLC’s portfolio, making the stock its 8th biggest holding. MSA Advisors LLC’s holdings in Spotify Technology were worth $12,632,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Evoke Wealth LLC purchased a new position in Spotify Technology in the 4th quarter valued at $2,271,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Spotify Technology by 1,500.5% during the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after acquiring an additional 65,768 shares during the period. TD Asset Management Inc raised its holdings in shares of Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Benchmark reiterated a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a report on Monday, July 22nd. Macquarie lifted their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim lifted their price target on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Finally, DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.41.

Spotify Technology Stock Performance

NYSE SPOT opened at $338.56 on Tuesday. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $359.38. The company has a market cap of $67.39 billion, a P/E ratio of -505.31 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a 50-day moving average of $327.66 and a two-hundred day moving average of $305.26.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the company posted ($1.69) earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology S.A. will post 6.31 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.