Nisa Investment Advisors LLC Cuts Stake in Spotify Technology (NYSE:SPOT)

Nisa Investment Advisors LLC lessened its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 29.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,523 shares of the company's stock after selling 11,551 shares during the quarter. Nisa Investment Advisors LLC's holdings in Spotify Technology were worth $15,138,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the 4th quarter valued at approximately $27,000. Tsfg LLC bought a new stake in Spotify Technology in the 1st quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.0%

NYSE SPOT opened at $721.25 on Thursday. The firm's fifty day simple moving average is $686.31 and its two-hundred day simple moving average is $597.48. The firm has a market capitalization of $147.64 billion, a P/E ratio of 119.61, a P/E/G ratio of 1.90 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 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 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 analyst estimates 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 period in the previous year, the business earned $0.97 EPS. As a group, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Rosenblatt Securities lowered their price target 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. Loop Capital lifted their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Finally, Barclays upped their price objective on Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $671.27.

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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