Spotify Technology $SPOT Holdings Cut by Zweig DiMenna Associates LLC

Zweig DiMenna Associates LLC lowered its holdings in Spotify Technology (NYSE:SPOT) by 47.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,725 shares of the company’s stock after selling 11,305 shares during the period. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $9,764,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SPOT. First Horizon Advisors Inc. raised its holdings in shares of Spotify Technology by 99.6% during the first quarter. First Horizon Advisors Inc. now owns 1,006 shares of the company’s stock valued at $553,000 after buying an additional 502 shares during the last quarter. Resonant Capital Advisors LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $259,000. Mutual Advisors LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $187,000. D.A. Davidson & CO. raised its holdings in shares of Spotify Technology by 11.1% during the first quarter. D.A. Davidson & CO. now owns 11,903 shares of the company’s stock valued at $6,547,000 after buying an additional 1,189 shares during the last quarter. Finally, Calamos Advisors LLC raised its holdings in shares of Spotify Technology by 63.4% during the first quarter. Calamos Advisors LLC now owns 35,123 shares of the company’s stock valued at $19,319,000 after buying an additional 13,626 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $654.99 on Friday. The firm has a market cap of $134.08 billion, a price-to-earnings ratio of 158.98, a price-to-earnings-growth ratio of 3.45 and a beta of 1.67. Spotify Technology has a 1 year low of $376.04 and a 1 year high of $785.00. The firm’s 50 day moving average price is $691.63 and its two-hundred day moving average price is $681.09.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPOT. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Argus began coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price target on the stock. Sanford C. Bernstein lifted their price target on Spotify Technology from $825.00 to $840.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Citigroup lifted their price target on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Finally, Rosenblatt Securities boosted their target price on Spotify Technology from $679.00 to $700.00 and gave the stock a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $731.81.

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.