Moran Wealth Management LLC Trims Stock Position in Spotify Technology (NYSE:SPOT)

Moran Wealth Management LLC cut its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 6.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,043 shares of the company's stock after selling 2,367 shares during the quarter. Moran Wealth Management LLC's holdings in Spotify Technology were worth $20,375,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Atria Wealth Solutions Inc. raised its stake in shares of Spotify Technology by 14.8% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,253 shares of the company's stock worth $1,456,000 after acquiring an additional 420 shares in the last quarter. Callan Capital LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth about $245,000. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock valued at $225,000 after acquiring an additional 26 shares during the last quarter. Wealthspire Advisors LLC purchased a new stake in Spotify Technology during the 4th quarter valued at about $387,000. Finally, C WorldWide Group Holding A S bought a new position in Spotify Technology during the 4th quarter worth approximately $2,595,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.7%

SPOT traded up $19.54 during midday trading on Tuesday, hitting $750.69. 1,590,424 shares of the company traded hands, compared to its average volume of 2,325,797. The company's 50-day moving average is $649.99 and its 200 day moving average is $576.87. The firm has a market capitalization of $153.67 billion, a PE ratio of 124.49, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $754.21.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $0.97 EPS. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target for the company. Loop Capital raised their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Evercore ISI boosted their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Finally, Wolfe Research raised shares of 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $630.28.

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.