Fortis Group Advisors LLC Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

Fortis Group Advisors LLC cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 57.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Spotify Technology by 6.3% during the 4th quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock valued at $110,650,000 after buying an additional 34,781 shares during the period. GAMMA Investing LLC increased its position in Spotify Technology by 96.5% during the first quarter. GAMMA Investing LLC now owns 334 shares of the company’s stock valued at $88,000 after acquiring an additional 164 shares during the last quarter. Wedmont Private Capital bought a new position in Spotify Technology in the first quarter worth approximately $197,000. Park Avenue Securities LLC lifted its position in shares of Spotify Technology by 16.5% during the 1st quarter. Park Avenue Securities LLC now owns 1,943 shares of the company’s stock valued at $513,000 after buying an additional 275 shares in the last quarter. Finally, RFG Advisory LLC lifted its stake in shares of Spotify Technology by 21.5% during the 1st quarter. RFG Advisory LLC now owns 1,442 shares of the company’s stock valued at $381,000 after buying an additional 255 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SPOT shares. Barclays raised their price objective on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. UBS Group increased their price target on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Redburn Atlantic reiterated a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a report on Wednesday, July 10th. Evercore ISI upped their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Stock Performance

SPOT traded up $3.02 during midday trading on Tuesday, hitting $384.99. 341,597 shares of the company were exchanged, compared to its average volume of 1,854,115. The company’s 50 day simple moving average is $353.40 and its 200 day simple moving average is $323.91. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $76.63 billion, a price-to-earnings ratio of 155.79 and a beta of 1.58. Spotify Technology S.A. has a 1-year low of $145.79 and a 1-year high of $389.23.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.69) earnings per share. As a group, sell-side analysts predict that Spotify Technology S.A. will post 6.22 earnings per share 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.