Gries Financial LLC Sells 407 Shares of Spotify Technology (NYSE:SPOT)

Gries Financial LLC cut its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 25.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,209 shares of the company's stock after selling 407 shares during the period. Gries Financial LLC's holdings in Spotify Technology were worth $665,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SPOT. Allianz Asset Management GmbH lifted its holdings in shares of Spotify Technology by 28.1% in the first quarter. Allianz Asset Management GmbH now owns 200,632 shares of the company's stock valued at $110,354,000 after purchasing an additional 44,051 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in Spotify Technology by 69.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 75,121 shares of the company's stock valued at $41,319,000 after purchasing an additional 30,915 shares during the period. Parkworth Wealth Management Inc. grew its holdings in shares of Spotify Technology by 30,000.0% during the 1st quarter. Parkworth Wealth Management Inc. now owns 301 shares of the company's stock worth $166,000 after acquiring an additional 300 shares during the period. Covenant Asset Management LLC lifted its position in Spotify Technology by 1.6% in the 1st quarter. Covenant Asset Management LLC now owns 9,286 shares of the company's stock valued at $5,108,000 after acquiring an additional 144 shares in the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in shares of Spotify Technology during the 1st quarter valued at $19,106,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $705.15 on Tuesday. The firm has a market cap of $144.35 billion, a P/E ratio of 116.94, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. Spotify Technology has a 1 year low of $290.13 and a 1 year high of $785.00. The firm's 50 day moving average price is $696.06 and its 200 day moving average price is $611.91.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period last year, the company earned $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPOT. Wolfe Research raised 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 research note on Monday, April 21st. Sanford C. Bernstein upped their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. FBN Securities started coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target for the company. KeyCorp increased their target price on shares of Spotify Technology from $640.00 to $860.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Finally, Guggenheim raised their price objective 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $701.31.

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.

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