Cetera Investment Advisers Sells 1,401 Shares of Spotify Technology S.A. (NYSE:SPOT)

Cetera Investment Advisers lessened its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 6.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,596 shares of the company's stock after selling 1,401 shares during the period. Cetera Investment Advisers' holdings in Spotify Technology were worth $9,214,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Jennison Associates LLC purchased a new stake in Spotify Technology during the fourth quarter valued at about $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth about $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology during the 4th quarter valued at about $619,600,000. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology in the 4th quarter worth approximately $396,028,000. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on SPOT shares. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Morgan Stanley lifted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Cantor Fitzgerald lowered their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Redburn Atlantic assumed coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Finally, UBS Group lowered their target price on 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 analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $606.48.

Spotify Technology Stock Up 1.1%

Shares of NYSE:SPOT traded up $7.20 during trading on Thursday, hitting $640.43. The stock had a trading volume of 1,461,291 shares, compared to its average volume of 2,187,507. The company has a market capitalization of $131.10 billion, a PE ratio of 107.64 and a beta of 1.72. The firm's fifty day moving average is $579.61 and its 200 day moving average is $528.93. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $663.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS 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 7.26% and a return on equity of 25.56%. The business's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 EPS. Equities research analysts expect that Spotify Technology S.A. 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.