KADENSA CAPITAL Ltd Reduces Position in Spotify Technology $SPOT

KADENSA CAPITAL Ltd decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 97.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 350 shares of the company’s stock after selling 16,611 shares during the period. KADENSA CAPITAL Ltd’s holdings in Spotify Technology were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Knuff & Co LLC purchased a new position in Spotify Technology during the second quarter valued at $27,000. Total Investment Management Inc. purchased a new stake in Spotify Technology in the second quarter worth about $29,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology in the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. raised its stake in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the period. Finally, Westfuller Advisors LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at about $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 1.3%

Shares of SPOT opened at $516.14 on Monday. The business’s 50 day moving average is $502.35 and its 200 day moving average is $594.68. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The company has a market capitalization of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the company posted $1.88 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent research reports. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Barclays lifted their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. Finally, KeyCorp decreased their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $703.87.

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.