Zweig DiMenna Associates LLC Has $9.76 Million Position in Spotify Technology $SPOT

Zweig DiMenna Associates LLC reduced its position in shares of Spotify Technology (NYSE:SPOT) by 47.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,725 shares of the company’s stock after selling 11,305 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $9,764,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its stake in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 41 shares during the period. Sound Income Strategies LLC raised its stake in Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares during the period. GFG Capital LLC acquired a new stake in Spotify Technology during the 2nd quarter valued at $33,000. Truvestments Capital LLC acquired a new stake in Spotify Technology during the 1st quarter valued at $34,000. Finally, HM Payson & Co. raised its stake in Spotify Technology by 39.1% during the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after purchasing an additional 18 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Spotify Technology in a research note on Wednesday, October 8th. Sanford C. Bernstein boosted their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Phillip Securities upgraded shares of Spotify Technology from a “moderate sell” rating to a “hold” rating in a report on Monday, August 4th. Guggenheim restated a “buy” rating and set a $850.00 price target on shares of Spotify Technology in a report on Wednesday, September 3rd. Finally, Oppenheimer boosted their price target on shares of Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Price 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 P/E/G ratio of 3.45 and a beta of 1.67. Spotify Technology has a fifty-two week low of $376.04 and a fifty-two week high of $785.00. The firm has a fifty day moving average price of $691.63 and a two-hundred day moving average price of $681.09.

Spotify Technology Company Profile

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.