Envestnet Portfolio Solutions Inc. reduced its stake in Spotify Technology (NYSE:SPOT - Free Report) by 34.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,601 shares of the company's stock after selling 3,511 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Spotify Technology were worth $3,631,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of SPOT. Adero Partners LLC lifted its holdings in Spotify Technology by 0.7% in the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after acquiring an additional 19 shares during the period. North Star Investment Management Corp. boosted its stake 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 buying an additional 19 shares during the last quarter. Auxano Advisors LLC boosted its stake in Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after buying an additional 25 shares during the last quarter. Finally, Covenant Partners LLC lifted its stake in shares of Spotify Technology by 2.5% in the 4th 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. Institutional investors own 84.09% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the company. Sanford C. Bernstein raised Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. 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 report on Thursday, May 1st. China Renaissance assumed coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research note on Monday, April 21st. Finally, Loop Capital increased their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $630.28.
Check Out Our Latest Stock Analysis on Spotify Technology
Spotify Technology Stock Down 0.4%
Shares of NYSE SPOT opened at $707.64 on Friday. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $728.80. The firm has a fifty day simple moving average of $646.29 and a 200 day simple moving average of $574.67. The company has a market capitalization of $144.86 billion, a PE ratio of 117.35, a P/E/G ratio of 1.85 and a beta of 1.68.
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 for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. As a group, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.
Spotify Technology Company Profile
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Free Report)
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.
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