Strategic Advisors LLC Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Strategic Advisors LLC cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 57.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,966 shares of the company’s stock after selling 2,677 shares during the period. Strategic Advisors LLC’s holdings in Spotify Technology were worth $1,081,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. Geode Capital Management LLC increased its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Norges Bank acquired a new position in shares of Spotify Technology in the fourth quarter worth $396,028,000. Janus Henderson Group PLC boosted its stake in shares of Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company’s stock valued at $503,316,000 after acquiring an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp increased its position in Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock worth $638,367,000 after purchasing an additional 726,245 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.7%

Shares of NYSE:SPOT opened at $715.64 on Tuesday. The company’s fifty day moving average is $634.00 and its two-hundred day moving average is $569.07. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $723.70. The company has a market cap of $146.50 billion, a P/E ratio of 120.28 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $0.97 earnings per share. The firm’s revenue was up 15.2% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Cantor Fitzgerald dropped their price objective on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Wells Fargo & Company raised their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Finally, Evercore ISI raised their price objective on Spotify Technology from $650.00 to $750.00 and gave the stock an “outperform” rating in a report on Monday. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $614.59.

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.