Polar Asset Management Partners Inc. Sells 500 Shares of Spotify Technology S.A. (NYSE:SPOT)

Polar Asset Management Partners Inc. trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,500 shares of the company’s stock after selling 500 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Spotify Technology were worth $12,714,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. lifted 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 valued at $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. raised its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Asset Dedication LLC purchased a new position in Spotify Technology in the 2nd quarter worth approximately $35,000. Finally, Larson Financial Group LLC raised its holdings in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 2.7 %

Shares of NYSE SPOT opened at $493.32 on Wednesday. The firm’s 50-day moving average price is $408.78 and its 200-day moving average price is $353.61. The stock has a market capitalization of $98.20 billion, a price-to-earnings ratio of 134.05 and a beta of 1.61. Spotify Technology S.A. has a 12-month low of $185.37 and a 12-month high of $494.00.

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Macquarie boosted their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler boosted their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $422.90.

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.