KADENSA CAPITAL Ltd Sells 16,611 Shares of Spotify Technology $SPOT

KADENSA CAPITAL Ltd lowered its stake in Spotify Technology (NYSE:SPOT) by 97.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 350 shares of the company’s stock after selling 16,611 shares during the quarter. KADENSA CAPITAL Ltd’s holdings in Spotify Technology were worth $244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Knuff & Co LLC purchased a new position in shares of Spotify Technology during the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. boosted its stake in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new position in Spotify Technology during the 2nd quarter valued at approximately $29,000. Finally, Westfuller Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter valued at approximately $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $516.14 on Monday. The firm has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The business has a 50 day simple moving average of $502.35 and a 200-day simple moving average of $594.68. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating 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 firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $1.88 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPOT. Weiss Ratings cut Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Citizens Jmp started coverage on shares of Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target on the stock. Benchmark decreased their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Cantor Fitzgerald lowered their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

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.