Royal Bank of Canada lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 7.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 247,039 shares of the company's stock after selling 20,869 shares during the quarter. Royal Bank of Canada owned about 0.12% of Spotify Technology worth $110,521,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in SPOT. Merit Financial Group LLC lifted its position in shares of Spotify Technology by 243.7% during the fourth quarter. Merit Financial Group LLC now owns 3,248 shares of the company's stock worth $1,453,000 after purchasing an additional 2,303 shares in the last quarter. HB Wealth Management LLC raised its holdings in Spotify Technology by 49.4% in the fourth quarter. HB Wealth Management LLC now owns 1,721 shares of the company's stock valued at $770,000 after acquiring an additional 569 shares in the last quarter. LVW Advisors LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $292,000. Diversify Advisory Services LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $391,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Spotify Technology by 1,121.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 574 shares of the company's stock valued at $257,000 after purchasing an additional 527 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.
Spotify Technology Stock Performance
Shares of NYSE:SPOT traded up $18.59 during midday trading on Friday, hitting $655.34. 1,882,791 shares of the company's stock traded hands, compared to its average volume of 2,212,519. The company has a market cap of $134.15 billion, a PE ratio of 110.14 and a beta of 1.72. The firm's fifty day moving average price is $594.39 and its two-hundred day moving average price is $543.77. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $669.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The business's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.
Analysts Set New Price Targets
Several equities analysts have commented on the stock. Canaccord Genuity Group increased their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. UBS Group dropped their price target on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Finally, KeyCorp dropped their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $609.07.
Check Out Our Latest Research Report on SPOT
About Spotify Technology
(
Free Report)
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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