Spotify Technology (NYSE:SPOT) Stock Position Cut by Fortis Group Advisors LLC

Fortis Group Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT - Free Report) by 25.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,033 shares of the company's stock after selling 1,356 shares during the period. Fortis Group Advisors LLC's holdings in Spotify Technology were worth $2,218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Verdence Capital Advisors LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at about $207,000. Cable Hill Partners LLC raised its position in Spotify Technology by 54.1% during the first quarter. Cable Hill Partners LLC now owns 1,177 shares of the company's stock worth $647,000 after acquiring an additional 413 shares during the last quarter. Victory Capital Management Inc. raised its position in Spotify Technology by 44.0% during the first quarter. Victory Capital Management Inc. now owns 64,258 shares of the company's stock worth $35,344,000 after acquiring an additional 19,647 shares during the last quarter. Bridgewater Advisors Inc. acquired a new position in Spotify Technology during the first quarter worth about $409,000. Finally, Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 184.7% during the first quarter. Larson Financial Group LLC now owns 410 shares of the company's stock worth $226,000 after buying an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. Guggenheim boosted their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Sanford C. Bernstein boosted their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Barclays boosted their target price on shares of Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $701.31.

Spotify Technology Stock Down 3.6%

SPOT stock traded down $26.01 during trading on Friday, hitting $694.90. 2,148,692 shares of the company's stock traded hands, compared to its average volume of 2,218,917. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The stock has a fifty day moving average price of $695.14 and a two-hundred day moving average price of $608.01. The stock has a market capitalization of $142.25 billion, a price-to-earnings ratio of 115.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its 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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Company Profile

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.