Daiwa Securities Group Inc. Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Daiwa Securities Group Inc. lessened its position in shares of Spotify Technology S.A. (NYSE:SPOTGet Rating) by 8.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,456 shares of the company’s stock after selling 510 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Spotify Technology were worth $471,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. SeaCrest Wealth Management LLC raised its position in shares of Spotify Technology by 4.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,557 shares of the company’s stock valued at $240,000 after buying an additional 99 shares during the period. First Manhattan Co. raised its position in shares of Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after buying an additional 100 shares during the period. Summit Trail Advisors LLC raised its position in shares of Spotify Technology by 5.5% during the 2nd quarter. Summit Trail Advisors LLC now owns 2,395 shares of the company’s stock valued at $225,000 after buying an additional 124 shares during the period. Gs Investments Inc. raised its position in shares of Spotify Technology by 7.2% during the 2nd quarter. Gs Investments Inc. now owns 1,918 shares of the company’s stock valued at $222,000 after buying an additional 129 shares during the period. Finally, Kestra Advisory Services LLC raised its position in shares of Spotify Technology by 2.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 5,757 shares of the company’s stock valued at $497,000 after buying an additional 129 shares during the period. Hedge funds and other institutional investors own 52.80% of the company’s stock.

Spotify Technology Trading Down 0.7 %

Shares of SPOT stock opened at $99.29 on Wednesday. The firm has a fifty day moving average price of $81.68 and a 200 day moving average price of $92.96. Spotify Technology S.A. has a 12 month low of $69.29 and a 12 month high of $208.49.

Spotify Technology (NYSE:SPOTGet Rating) last issued its earnings results on Tuesday, October 25th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.11). Spotify Technology had a negative return on equity of 8.21% and a negative net margin of 1.62%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.03 billion. On average, sell-side analysts expect that Spotify Technology S.A. will post -2.64 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on SPOT shares. Pivotal Research cut their target price on Spotify Technology from $105.00 to $100.00 in a research report on Wednesday, October 26th. Citigroup cut their target price on Spotify Technology from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, October 27th. Evercore ISI cut their target price on Spotify Technology from $230.00 to $175.00 in a research report on Wednesday, October 26th. Morgan Stanley cut their target price on Spotify Technology from $115.00 to $105.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Finally, Canaccord Genuity Group cut their target price on Spotify Technology from $175.00 to $150.00 in a research report on Monday, October 24th. Thirteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $142.44.

About Spotify Technology

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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