Oak Harvest Investment Services Trims Stake in Spotify Technology $SPOT

Oak Harvest Investment Services lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 34.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,896 shares of the company’s stock after selling 1,550 shares during the quarter. Oak Harvest Investment Services’ holdings in Spotify Technology were worth $2,021,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Knuff & Co LLC acquired a new stake in shares of Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at about $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $29,000. Sound Income Strategies LLC grew its holdings in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. Finally, GFG Capital LLC acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $33,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on SPOT shares. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Argus initiated coverage on Spotify Technology in a research report on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. BNP Paribas Exane began coverage on Spotify Technology in a research note on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price target on the stock. Rosenblatt Securities dropped their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Finally, The Goldman Sachs Group cut shares of Spotify Technology from a “buy” rating to a “neutral” rating and raised their target price for the stock from $765.00 to $770.00 in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Price Performance

NYSE SPOT opened at $581.62 on Tuesday. The business’s 50-day simple moving average is $609.79 and its 200-day simple moving average is $668.97. The firm has a market capitalization of $119.75 billion, a P/E ratio of 91.45, a P/E/G ratio of 1.88 and a beta of 1.66. Spotify Technology has a 1-year low of $443.21 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same quarter last year, the firm posted $1.45 earnings per share. Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.