Spotify Technology S.A. (NYSE:SPOT) Stock Holdings Trimmed by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 21.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,269 shares of the company’s stock after selling 3,048 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Spotify Technology were worth $3,536,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SPOT. Larson Financial Group LLC grew its holdings 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 valued at $25,000 after purchasing an additional 43 shares during the last quarter. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology during the second quarter valued at approximately $25,000. Mather Group LLC. grew its holdings 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 valued at $31,000 after purchasing an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC grew its holdings in shares of Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Finally, Asset Dedication LLC bought a new position in shares of Spotify Technology during the second quarter valued at approximately $35,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $337.90 on Monday. The stock has a fifty day moving average of $327.16 and a 200-day moving average of $304.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $359.38. The company has a market capitalization of $67.26 billion, a PE ratio of -504.32 and a beta of 1.57.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPOT. Cantor Fitzgerald began coverage on Spotify Technology in a report on Thursday, September 5th. They issued a “neutral” rating and a $340.00 price objective for the company. Guggenheim increased their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a report on Monday, July 22nd. UBS Group increased their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Pivotal Research increased their price objective on Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $356.38.

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.