Allspring Global Investments Holdings LLC Cuts Stock Holdings in Spotify Technology (NYSE:SPOT)

Allspring Global Investments Holdings LLC decreased its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 256,197 shares of the company's stock after selling 47,036 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.13% of Spotify Technology worth $141,352,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPOT. IFP Advisors Inc grew its stake in Spotify Technology by 51.3% during the fourth quarter. IFP Advisors Inc now owns 578 shares of the company's stock worth $259,000 after buying an additional 196 shares in the last quarter. Amalgamated Bank grew its stake in Spotify Technology by 0.7% during the fourth quarter. Amalgamated Bank now owns 10,300 shares of the company's stock worth $4,608,000 after buying an additional 73 shares in the last quarter. Whipplewood Advisors LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $133,000. NewEdge Wealth LLC grew its stake in Spotify Technology by 64.2% during the fourth quarter. NewEdge Wealth LLC now owns 2,929 shares of the company's stock worth $1,310,000 after buying an additional 1,145 shares in the last quarter. Finally, New York Life Investment Management LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $239,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.4%

Spotify Technology stock traded down $3.39 during mid-day trading on Friday, hitting $772.52. 2,792,218 shares of the stock were exchanged, compared to its average volume of 2,208,809. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The firm's fifty day simple moving average is $664.99 and its two-hundred day simple moving average is $584.00. The stock has a market capitalization of $158.14 billion, a price-to-earnings ratio of 128.11, a PEG ratio of 2.02 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The business's quarterly revenue was up 15.2% on a year-over-year basis. As a group, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPOT. Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Pivotal Research raised their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, UBS Group raised their price target on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $654.93.

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.