Intellectus Partners LLC Reduces Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Intellectus Partners LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,063 shares of the company’s stock after selling 64 shares during the quarter. Intellectus Partners LLC’s holdings in Spotify Technology were worth $585,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the 4th quarter worth $27,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the 4th quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Spotify Technology by 209.1% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after purchasing an additional 46 shares in the last quarter. Finally, Quent Capital LLC increased its stake in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT opened at $712.24 on Friday. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $717.87. The business has a 50 day simple moving average of $612.90 and a two-hundred day simple moving average of $558.29. The stock has a market capitalization of $145.80 billion, a PE ratio of 119.70 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last posted its earnings results 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). 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 period last year, the business posted $0.97 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. FBN Securities initiated coverage on Spotify Technology in a research report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective on the stock. KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a research note on Friday. Finally, Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $611.14.

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.