Spire Wealth Management Sells 3,012 Shares of Spotify Technology (NYSE:SPOT)

Spire Wealth Management trimmed its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 91.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 273 shares of the company's stock after selling 3,012 shares during the period. Spire Wealth Management's holdings in Spotify Technology were worth $150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Thrivent Financial for Lutherans grew its holdings in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares during the period. Steward Partners Investment Advisory LLC boosted its position in shares of Spotify Technology by 4.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares in the last quarter. Amundi boosted its position in shares of Spotify Technology by 194.2% during the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after purchasing an additional 495,087 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Spotify Technology by 18.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after purchasing an additional 3,536 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Spotify Technology by 108.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock worth $67,467,000 after purchasing an additional 78,499 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $44.12 during trading on Tuesday, hitting $723.22. 2,723,880 shares of the stock traded hands, compared to its average volume of 2,322,114. The stock has a market cap of $148.05 billion, a P/E ratio of 119.94, a PEG ratio of 2.03 and a beta of 1.68. The company has a fifty day moving average price of $669.15 and a two-hundred day moving average price of $586.72. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate 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. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPOT. Evercore ISI raised their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. UBS Group raised their price objective on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a research note on Friday. Guggenheim lifted their target price on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Macquarie upped their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $654.93.

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.