Rathbones Group PLC Sells 485 Shares of Spotify Technology (NYSE:SPOT)

Rathbones Group PLC lessened its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 35.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 879 shares of the company's stock after selling 485 shares during the period. Rathbones Group PLC's holdings in Spotify Technology were worth $483,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Hartford Investment Management Co. increased its stake in Spotify Technology by 1.1% during the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after acquiring an additional 16 shares during the period. Citizens Financial Group Inc. RI increased its stake in shares of Spotify Technology by 3.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after purchasing an additional 17 shares during the last quarter. HM Payson & Co. increased its stake in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares during the last quarter. North Star Investment Management Corp. increased its stake in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Finally, Adero Partners LLC increased its stake in shares of Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPOT. Evercore ISI lifted their price target on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Morgan Stanley decreased their price target on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Benchmark decreased their price target on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Robert W. Baird lifted their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, Barclays reduced their price objective on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $697.85 on Friday. The company has a market capitalization of $142.86 billion, a price-to-earnings ratio of 169.38, a P/E/G ratio of 3.01 and a beta of 1.69. The business's 50-day moving average is $702.88 and its 200-day moving average is $635.18. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

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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