Clough Capital Partners L P Sells 1,443 Shares of Spotify Technology $SPOT

Clough Capital Partners L P cut its position in Spotify Technology (NYSE:SPOT) by 50.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,443 shares of the company’s stock after selling 1,443 shares during the period. Clough Capital Partners L P’s holdings in Spotify Technology were worth $1,007,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SPOT. Knuff & Co LLC acquired a new stake in shares of Spotify Technology during the second quarter worth approximately $27,000. Total Investment Management Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter worth approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter worth $27,000. Greykasell Wealth Strategies Inc. grew its holdings in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at $29,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SPOT shares. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. UBS Group lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research note on Thursday, February 26th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Finally, Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Stock Performance

SPOT opened at $516.14 on Friday. The firm’s fifty day moving average is $502.35 and its two-hundred day moving average is $595.37. The firm has a market cap 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 has a twelve month low of $405.00 and a twelve month high of $785.00.

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

Spotify Technology Profile

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.