Spotify Technology (NYSE:SPOT) Shares Sold by Optimist Retirement Group LLC

Optimist Retirement Group LLC cut its position in shares of Spotify Technology (NYSE:SPOT) by 18.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 495 shares of the company’s stock after selling 111 shares during the quarter. Optimist Retirement Group LLC’s holdings in Spotify Technology were worth $272,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology in the fourth quarter valued at about $27,000. Tsfg LLC purchased a new position in Spotify Technology in the first quarter valued at about $28,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC increased its position in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after acquiring an additional 41 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. Phillip Securities raised Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. Loop Capital upped their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Macquarie upped their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Finally, KeyCorp upped their price target on Spotify Technology from $640.00 to $860.00 and gave the stock an “overweight” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $701.31.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $694.90 on Friday. The company has a fifty day moving average of $696.06 and a 200-day moving average of $610.84. The company has a market capitalization of $142.25 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. Spotify Technology has a 52-week low of $290.13 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.