Parkwood LLC Sells 882 Shares of Spotify Technology S.A. (NYSE:SPOT)

Parkwood LLC trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,470 shares of the company’s stock after selling 882 shares during the period. Parkwood LLC’s holdings in Spotify Technology were worth $10,053,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter valued at $27,000. Quent Capital LLC raised its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after buying an additional 57 shares during the last quarter. Noble Wealth Management PBC purchased a new stake in Spotify Technology in the fourth quarter valued at about $52,000. Colonial Trust Co SC grew its stake in shares of Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after acquiring an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Spotify Technology during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.2%

SPOT stock opened at $619.69 on Wednesday. The stock has a market cap of $126.85 billion, a P/E ratio of 104.15 and a beta of 1.72. Spotify Technology S.A. has a twelve month low of $286.21 and a twelve month high of $663.55. The company’s 50 day moving average is $577.70 and its two-hundred day moving average is $528.25.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the business earned $0.97 earnings per share. The company’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research reports. The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Barclays lowered their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. KeyCorp reduced their price objective on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, UBS Group decreased their target price on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.48.

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.