Spotify Technology S.A. (NYSE:SPOT) Short Interest Update

Spotify Technology S.A. (NYSE:SPOT) was the recipient of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 6,780,000 shares, a decline of 19.4% from the December 15th total of 8,410,000 shares. Currently, 4.8% of the company’s stock are short sold. Based on an average daily trading volume, of 2,440,000 shares, the short-interest ratio is currently 2.8 days.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SPOT shares. JPMorgan Chase & Co. upped their target price on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays increased their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Bank of America upped their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $438.36.

Spotify Technology Price Performance

Spotify Technology stock opened at $489.56 on Thursday. The business has a 50 day simple moving average of $463.33 and a 200 day simple moving average of $386.77. Spotify Technology has a one year low of $191.88 and a one year high of $506.47. The company has a market capitalization of $97.45 billion, a PE ratio of 133.03 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (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 the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 earnings per share. Equities analysts anticipate that Spotify Technology will post 5.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. State Street Corp raised its stake in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares during the last quarter. FMR LLC lifted its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after purchasing an additional 156,300 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.