Ridgewood Investments LLC Sells 91 Shares of Spotify Technology (NYSE:SPOT)

Ridgewood Investments LLC trimmed its stake in shares of Spotify Technology (NYSE:SPOT) by 10.1% in the 1st quarter, Holdings Channel reports. The firm owned 808 shares of the company’s stock after selling 91 shares during the period. Ridgewood Investments LLC’s holdings in Spotify Technology were worth $444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. 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 buying an additional 41 shares during the last quarter. Tsfg LLC bought a new stake in shares of Spotify Technology in the first quarter worth $28,000. North Star Investment Management Corp. grew its holdings in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock worth $30,000 after acquiring an additional 19 shares during the period. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the fourth quarter valued at $26,000. Finally, Copia Wealth Management bought a new position in Spotify Technology in the fourth quarter valued at about $29,000. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SPOT shares. Loop Capital raised their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research report on Friday, May 2nd. Morgan Stanley raised their price objective on shares of Spotify Technology from $700.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Barclays boosted their target price on shares of Spotify Technology from $650.00 to $800.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Sanford C. Bernstein increased their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Finally, Evercore ISI boosted their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $727.52.

Spotify Technology Trading Up 1.7%

Shares of SPOT stock opened at $692.85 on Friday. The stock has a market capitalization of $141.83 billion, a price-to-earnings ratio of 114.90, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The stock’s 50-day moving average price is $701.36 and its 200-day moving average price is $618.42.

Spotify Technology (NYSE:SPOT) last released its quarterly 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). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, research analysts predict 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.