Envestnet Asset Management Inc. Reduces Stock Position in Spotify Technology (NYSE:SPOT)

Envestnet Asset Management Inc. cut its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 572,714 shares of the company's stock after selling 63,552 shares during the quarter. Envestnet Asset Management Inc. owned 0.28% of Spotify Technology worth $315,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. HM Payson & Co. lifted its position in Spotify Technology by 39.1% during the first quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares during the last quarter. Adero Partners LLC lifted its position in Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares during the last quarter. North Star Investment Management Corp. lifted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Covenant Partners LLC lifted its position in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares during the last quarter. Finally, Trifecta Capital Advisors LLC lifted its position in Spotify Technology by 33.3% during the first quarter. Trifecta Capital Advisors LLC now owns 100 shares of the company's stock valued at $55,000 after purchasing an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 2.1%

Shares of NYSE:SPOT traded down $15.42 during midday trading on Tuesday, reaching $720.87. The company's stock had a trading volume of 1,773,524 shares, compared to its average volume of 2,305,664. The firm has a 50 day moving average of $681.30 and a 200-day moving average of $595.75. The firm has a market capitalization of $147.57 billion, a P/E ratio of 119.55, a PEG ratio of 1.91 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00.

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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company posted $0.97 earnings per share. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SPOT. KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. UBS Group boosted their price objective on shares of Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a report on Friday, June 27th. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. Robert W. Baird boosted their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Bank of America boosted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $666.27.

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.