Hudson Way Capital Management LLC Decreases Stock Holdings in Spotify Technology $SPOT

Hudson Way Capital Management LLC lowered its position in shares of Spotify Technology (NYSE:SPOT) by 39.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,649 shares of the company’s stock after selling 26,844 shares during the period. Spotify Technology accounts for approximately 2.9% of Hudson Way Capital Management LLC’s portfolio, making the stock its 13th largest position. Hudson Way Capital Management LLC’s holdings in Spotify Technology were worth $31,959,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Knuff & Co LLC purchased a new stake in Spotify Technology during the 2nd quarter worth about $27,000. Sound Income Strategies LLC raised its position in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after acquiring an additional 25 shares in the last quarter. GFG Capital LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $33,000. Avion Wealth purchased a new stake in Spotify Technology during the second quarter worth approximately $38,000. Finally, Truvestments Capital LLC acquired a new position in Spotify Technology in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $597.27 on Friday. Spotify Technology has a 1-year low of $443.21 and a 1-year high of $785.00. The stock has a market cap of $122.97 billion, a P/E ratio of 93.91, a P/E/G ratio of 1.98 and a beta of 1.66. The firm has a fifty day moving average price of $631.45 and a 200 day moving average price of $677.22.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the company earned $1.45 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and increased their price target for the company from $765.00 to $770.00 in a research note on Tuesday, September 30th. Guggenheim dropped their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Rosenblatt Securities dropped their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Finally, BNP Paribas Exane assumed coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $758.86.

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.