Freedom Investment Management Inc. Has $1.83 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Freedom Investment Management Inc. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,969 shares of the company’s stock after selling 400 shares during the quarter. Freedom Investment Management Inc.’s holdings in Spotify Technology were worth $1,831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Transcendent Capital Group LLC bought a new position in Spotify Technology in the second quarter valued at about $25,000. Benjamin Edwards Inc. increased its position in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. increased its position in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the period. Asset Dedication LLC acquired a new position in shares of Spotify Technology during the second quarter worth $35,000. Finally, Larson Financial Group LLC increased its holdings in Spotify Technology by 51.6% in the third 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 own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $475.34 on Thursday. The firm has a market cap of $94.62 billion, a price-to-earnings ratio of 129.17 and a beta of 1.56. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69. The firm’s 50-day simple moving average is $399.75 and its two-hundred day simple moving average is $348.05.

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

Analysts Set New Price Targets

SPOT has been the topic of several recent research reports. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Canaccord Genuity Group upped their target price on Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Evercore ISI upped their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $421.69.

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.