Petra Financial Advisors Inc. Sells 914 Shares of Spotify Technology (NYSE:SPOT)

Petra Financial Advisors Inc. lessened its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 58.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 648 shares of the company's stock after selling 914 shares during the period. Petra Financial Advisors Inc.'s holdings in Spotify Technology were worth $356,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SPOT. North Star Investment Management Corp. grew its holdings in shares of 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 last quarter. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock valued at $37,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent research reports. Loop Capital increased 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. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, China Renaissance initiated coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $630.28.

Spotify Technology Stock Down 0.4%

Shares of NYSE SPOT opened at $707.64 on Friday. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80. The company's 50-day simple moving average is $646.29 and its 200-day simple moving average is $574.17. The firm has a market cap of $144.86 billion, a price-to-earnings ratio of 117.35, a price-to-earnings-growth ratio of 1.86 and a beta of 1.68.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The business's revenue was up 15.2% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

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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