Petra Financial Advisors Inc. Decreases Stock Holdings in Spotify Technology (NYSE:SPOT)

Petra Financial Advisors Inc. cut its stake in Spotify Technology (NYSE:SPOT) by 58.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 648 shares of the company’s stock after selling 914 shares during the period. Petra Financial Advisors Inc.’s holdings in Spotify Technology were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. North Star Investment Management Corp. boosted its stake in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock worth $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $27,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after purchasing an additional 46 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SPOT shares. KeyCorp dropped their price target on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Barclays cut their target price on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Loop Capital upped their price target on Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research note on Friday, May 2nd. Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target for the company in a report on Monday, April 21st. Finally, FBN Securities assumed coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $630.28.

Spotify Technology Stock Down 0.4%

Shares of Spotify Technology stock opened at $707.64 on Friday. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80. The company has a market capitalization of $144.86 billion, a P/E ratio of 117.35, a P/E/G ratio of 1.86 and a beta of 1.68. The company has a 50 day moving average of $646.29 and a 200 day moving average of $574.17.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the firm posted $0.97 earnings per share. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.