Spotify Technology (NYSE:SPOT) Shares Sold by Envestnet Asset Management Inc.

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

Several other large investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its position in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in Spotify Technology by 4.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Spotify Technology by 18.5% in 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Spotify Technology by 108.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock worth $67,467,000 after purchasing an additional 78,499 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after buying an additional 189 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPOT. KeyCorp decreased their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Pivotal Research increased their price target on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Finally, Bank of America boosted their price objective on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $666.27.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $3.86 during mid-day trading on Wednesday, reaching $725.25. 306,310 shares of the company were exchanged, compared to its average volume of 2,218,761. The firm has a market cap of $148.47 billion, a price-to-earnings ratio of 120.14, a P/E/G ratio of 1.94 and a beta of 1.68. The firm's 50-day simple moving average is $684.18 and its 200 day simple moving average is $596.62. Spotify Technology has a 1 year low of $288.07 and a 1 year 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 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the company earned $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. On average, research 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.