Caz Investments LP Decreases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Caz Investments LP lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 52.4% during the third quarter, HoldingsChannel reports. The fund owned 200 shares of the company’s stock after selling 220 shares during the period. Spotify Technology accounts for about 0.0% of Caz Investments LP’s investment portfolio, making the stock its 20th biggest holding. Caz Investments LP’s holdings in Spotify Technology were worth $74,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Transcendent Capital Group LLC purchased a new stake in Spotify Technology in the second quarter valued at $25,000. Benjamin Edwards Inc. grew its holdings in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. increased its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at about $35,000. Finally, Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on SPOT shares. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Bank of America boosted their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Pivotal Research lifted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

Spotify Technology stock opened at $476.74 on Wednesday. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69. The company has a market capitalization of $94.89 billion, a price-to-earnings ratio of 129.55 and a beta of 1.56. The stock has a fifty day moving average of $397.13 and a two-hundred day moving average of $347.15.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 EPS. On average, analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

About Spotify Technology

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