Connable Office Inc. Has $1.70 Million Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Connable Office Inc. has reduced its holdings in Spotify Technology (NYSE:SPOT) by 12.8% during the first quarter, now owning 3,088 shares valued at approximately $1.70 million.
• Spotify reported a loss of $0.42 EPS for the recent quarter, significantly missing analysts' expectations, though it achieved a revenue of $4.94 billion, exceeding estimates.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a consensus target price of approximately $718.90.

Connable Office Inc. trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,088 shares of the company's stock after selling 453 shares during the quarter. Connable Office Inc.'s holdings in Spotify Technology were worth $1,698,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $26,000. Tsfg LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at approximately $28,000. Copia Wealth Management purchased a new position in shares of Spotify Technology during the 4th quarter valued at approximately $29,000. Cornerstone Planning Group LLC lifted its holdings in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. increased its stake in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Phillip Securities upgraded Spotify Technology from a "moderate sell" rating to a "hold" rating in a research note on Monday. Barclays decreased their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Guggenheim increased their price objective on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Finally, Sanford C. Bernstein increased their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $19.91 during mid-day trading on Wednesday, hitting $666.91. 2,205,736 shares of the company traded hands, compared to its average volume of 2,642,750. The firm has a market cap of $136.52 billion, a P/E ratio of 161.87, a PEG ratio of 2.80 and a beta of 1.69. Spotify Technology has a 52-week low of $319.07 and a 52-week high of $785.00. The firm's 50 day simple moving average is $700.69 and its 200 day simple moving average is $626.81.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Spotify Technology's revenue for the quarter was up 10.1% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 10.3 EPS 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.