Moran Wealth Management LLC Lowers Stake in Spotify Technology (NYSE:SPOT)

Moran Wealth Management LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 6.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,043 shares of the company’s stock after selling 2,367 shares during the period. Moran Wealth Management LLC’s holdings in Spotify Technology were worth $20,375,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group raised its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC acquired a new stake in Spotify Technology during the fourth quarter valued at approximately $800,725,000. Geode Capital Management LLC raised its stake 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 valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock valued at $638,367,000 after buying an additional 726,245 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 3.5%

Shares of NYSE:SPOT opened at $732.15 on Tuesday. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $736.35. The business has a fifty day simple moving average of $649.99 and a 200 day simple moving average of $576.87. The firm has a market cap of $149.88 billion, a price-to-earnings ratio of 121.42, a P/E/G ratio of 1.85 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company 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 business earned $0.97 earnings per share. Spotify Technology’s quarterly revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research reports. Loop Capital increased their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research report on Friday, May 2nd. UBS Group reiterated an “overweight” rating on shares of Spotify Technology in a research report on Friday, June 6th. Wells Fargo & Company increased their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Sanford C. Bernstein upgraded Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. Finally, Rosenblatt Securities dropped their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $630.28.

Spotify Technology 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.