Sit Investment Associates Inc. Decreases Stock Position in Spotify Technology $SPOT

Key Points

• Sit Investment Associates Inc. has reduced its stake in Spotify Technology by 23.4%, now holding 16,438 shares valued at approximately $9.04 million.
• Several other institutional investors increased their positions in Spotify during the fourth quarter, with notable increases from United Capital Financial Advisors LLC (165.9%) and Guggenheim Capital LLC (16.3%).
• Spotify recently reported a net loss of ($0.42) earnings per share for the last quarter, failing to meet analysts' expectations of $2.00, despite a rise in revenue of 10.1% year-over-year.

Sit Investment Associates Inc. cut its position in Spotify Technology (NYSE:SPOT - Free Report) by 23.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,438 shares of the company's stock after selling 5,015 shares during the quarter. Sit Investment Associates Inc.'s holdings in Spotify Technology were worth $9,041,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at $26,000. Tsfg LLC bought a new stake in shares of Spotify Technology during the 1st quarter worth $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the 4th quarter worth $29,000. Cornerstone Planning Group LLC lifted 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 worth $29,000 after buying an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. lifted its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SPOT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Bank of America upped their price objective on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Sanford C. Bernstein upped their price objective on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Evercore ISI upped their price objective on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Finally, Pivotal Research upped their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Ten equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Up 4.8%

Spotify Technology stock traded up $33.24 during mid-day trading on Friday, reaching $731.74. 3,005,192 shares of the company's stock were exchanged, compared to its average volume of 2,796,766. The business's fifty day simple moving average is $703.27 and its 200 day simple moving average is $637.83. The firm has a market capitalization of $149.79 billion, a PE ratio of 177.61, a P/E/G ratio of 3.17 and a beta of 1.69. Spotify Technology has a one year low of $319.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. On average, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share 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.