GLOBALT Investments LLC GA Decreases Position in Spotify Technology (NYSE:SPOT)

GLOBALT Investments LLC GA decreased its holdings in Spotify Technology (NYSE:SPOT) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,026 shares of the company’s stock after selling 163 shares during the period. GLOBALT Investments LLC GA’s holdings in Spotify Technology were worth $1,114,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC increased its holdings in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 41 shares during the period. Tsfg LLC acquired a new position in shares of Spotify Technology during the first quarter worth about $28,000. North Star Investment Management Corp. increased its stake in shares of 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 period. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $26,000. Finally, Copia Wealth Management purchased a new position in Spotify Technology in the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.7%

NYSE SPOT opened at $692.85 on Friday. Spotify Technology has a 1-year low of $300.57 and a 1-year high of $785.00. The company has a 50 day moving average of $701.36 and a 200-day moving average of $618.42. The firm has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a PEG ratio of 1.84 and a beta of 1.68.

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 the consensus estimate 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 company’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.97 EPS. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPOT. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a research report on Wednesday, June 18th. KeyCorp increased their target price on Spotify Technology from $640.00 to $860.00 and gave the company an “overweight” rating in a report on Friday, July 11th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a report on Wednesday. Benchmark upped their price objective on Spotify Technology from $700.00 to $840.00 and gave the stock a “buy” rating in a research report on Thursday, July 10th. Finally, Phillip Securities raised Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $727.52.

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.