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

Diamond Hill Capital Management Inc. reduced its holdings in Spotify Technology S.A. (NYSE:SPOT) by 17.8% in the 3rd quarter, Holdings Channel reports. The fund owned 9,264 shares of the company’s stock after selling 2,005 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Spotify Technology were worth $3,414,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Perpetual Ltd grew its holdings in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares during the last quarter. TD Asset Management Inc raised its position in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the last quarter. Northeast Investment Management increased its stake in shares of Spotify Technology by 67.6% in the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after buying an additional 5,240 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Spotify Technology by 121.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after buying an additional 4,060 shares during the period. Finally, Ritholtz Wealth Management grew its stake in shares of Spotify Technology by 64.7% during the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after purchasing an additional 1,765 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $410.23 on Tuesday. 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 business has a 50-day moving average price of $366.54 and a two-hundred day moving average price of $332.96. Spotify Technology S.A. has a 1-year low of $169.02 and a 1-year high of $412.95. The company has a market cap of $81.66 billion, a P/E ratio of 167.44 and a beta of 1.56.

Analyst Ratings Changes

Several research firms have weighed in on SPOT. Wells Fargo & Company lifted their target price on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Macquarie upped their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. KeyCorp upped their target price on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, TD Cowen upped their target price on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” 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-two have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $381.04.

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.