Rockingstone Advisors LLC Sells 1,010 Shares of Spotify Technology S.A. (NYSE:SPOT)

Rockingstone Advisors LLC lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 11.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,968 shares of the company's stock after selling 1,010 shares during the period. Spotify Technology makes up about 2.0% of Rockingstone Advisors LLC's investment portfolio, making the stock its 13th largest position. Rockingstone Advisors LLC's holdings in Spotify Technology were worth $4,383,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology during the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology in the 4th quarter valued at approximately $27,000. Copia Wealth Management purchased a new position in shares of Spotify Technology during the 4th quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in 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 in the last quarter. Finally, Quent Capital LLC increased its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SPOT. Barclays cut their target price on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Phillip Securities raised Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Guggenheim reiterated a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Wells Fargo & Company increased their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Finally, Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Stock Performance

NYSE:SPOT traded down $9.58 during mid-day trading on Thursday, reaching $699.56. 500,220 shares of the company's stock were exchanged, compared to its average volume of 2,206,352. The firm has a market capitalization of $143.20 billion, a PE ratio of 117.57 and a beta of 1.68. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The business's fifty day simple moving average is $622.37 and its two-hundred day simple moving average is $562.99.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the business posted $0.97 EPS. The business's revenue was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current year.

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.