City Center Advisors LLC Trims Stake in Spotify Technology S.A. (NYSE:SPOT)

City Center Advisors LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 32.6% during the first quarter, Holdings Channel.com reports. The firm owned 564 shares of the company’s stock after selling 273 shares during the period. City Center Advisors LLC’s holdings in Spotify Technology were worth $310,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Auxano Advisors LLC raised its position in Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. raised its position in Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares during the period. Covenant Partners LLC raised its position in Spotify Technology by 2.5% in the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after purchasing an additional 25 shares during the period. First Horizon Advisors Inc. raised its position in Spotify Technology by 5.4% in the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock valued at $225,000 after purchasing an additional 26 shares during the period. Finally, Harbour Investments Inc. raised its position in Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after purchasing an additional 26 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SPOT shares. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a research report on Friday. Robert W. Baird boosted their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. China Renaissance initiated coverage on Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective on the stock. Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective on the stock in a report on Monday, April 21st. Finally, Loop Capital boosted their price objective on Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a report on Friday, May 2nd. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

SPOT opened at $712.24 on Friday. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The company has a market cap of $145.80 billion, a P/E ratio of 119.70 and a beta of 1.68. The business’s 50-day simple moving average is $612.90 and its 200-day simple moving average is $558.90.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data 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 business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The company’s revenue was up 15.2% compared to the same quarter last year. As a group, analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

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.