Alps Advisors Inc. Sells 760 Shares of Spotify Technology (NYSE:SPOT)

Alps Advisors Inc. cut its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 18.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,276 shares of the company's stock after selling 760 shares during the quarter. Alps Advisors Inc.'s holdings in Spotify Technology were worth $1,802,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Thrivent Financial for Lutherans grew its position in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in Spotify Technology by 18.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after purchasing an additional 3,536 shares during the period. QRG Capital Management Inc. boosted its position in Spotify Technology by 36.3% during the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares during the period. GAMMA Investing LLC boosted its position in Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on SPOT shares. 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 research report on Thursday, May 1st. Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Morgan Stanley lifted their target price on Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Barclays upped their price objective on Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Finally, Wells Fargo & Company upped their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $701.31.

Spotify Technology Stock Performance

Shares of SPOT traded down $4.71 during trading hours on Wednesday, hitting $705.75. 1,335,849 shares of the company were exchanged, compared to its average volume of 2,217,314. The company has a market cap of $144.47 billion, a PE ratio of 117.04, a PEG ratio of 1.90 and a beta of 1.68. The firm's 50 day moving average is $692.89 and its 200-day moving average is $605.46. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 EPS. As a group, equities analysts forecast that Spotify Technology 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.