MONECO Advisors LLC Trims Stock Position in Spotify Technology (NYSE:SPOT)

Key Points

• MONECO Advisors LLC reduced its stake in Spotify Technology by 20.6%, selling 1,134 shares and holding 4,373 shares worth approximately $2.4 million after the transaction.
• In recent trading, Spotify's shares have decreased by 3.7%, opening at $626.44, with a market capitalization of $128.24 billion.
• Spotify's recent quarterly earnings reported an EPS of $1.13, significantly missing analysts' estimates of $2.29, while revenue increased by 15.2% year over year.

MONECO Advisors LLC reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 20.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,373 shares of the company's stock after selling 1,134 shares during the quarter. MONECO Advisors LLC's holdings in Spotify Technology were worth $2,405,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SPOT. Cornerstone Planning Group LLC grew its holdings in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the period. Tsfg LLC purchased a new stake in Spotify Technology in the first quarter worth about $28,000. North Star Investment Management Corp. grew its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares during the period. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $26,000. Finally, Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth about $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 3.7%

Shares of SPOT stock opened at $626.44 on Friday. The stock has a market capitalization of $128.24 billion, a P/E ratio of 152.05, a P/E/G ratio of 1.84 and a beta of 1.68. The firm's 50 day moving average is $701.27 and its 200 day moving average is $622.44. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 EPS. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Oppenheimer upgraded shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective on the stock in a report on Thursday, July 24th. Morgan Stanley cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday. Benchmark cut their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a report on Wednesday. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology 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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