Spotify Technology (NYSE:SPOT) Shares Sold by Robotti Robert

Key Points

• Robotti Robert significantly reduced its stake in Spotify Technology, selling 19,500 shares and retaining just 7,500, representing a 72.2% decrease in its position.
• Spotify Technology received positive outlook revisions from multiple analysts, with price targets raised by firms such as Wells Fargo and Macquarie, indicating a consensus rating of "Moderate Buy."
• The company's recent earnings report showed a loss of $0.42 EPS, significantly missing estimates, despite revenue growth of 10.1% compared to the previous year.

Robotti Robert lowered its stake in Spotify Technology (NYSE:SPOT - Free Report) by 72.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,500 shares of the company's stock after selling 19,500 shares during the quarter. Spotify Technology comprises approximately 0.8% of Robotti Robert's holdings, making the stock its 28th largest holding. Robotti Robert's holdings in Spotify Technology were worth $4,125,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC lifted its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Tsfg LLC bought a new position in Spotify Technology during the 1st quarter valued at about $28,000. North Star Investment Management Corp. grew its holdings in Spotify Technology by 52.8% during 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. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter worth about $26,000. Finally, Copia Wealth Management bought a new position in Spotify Technology in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $33.24 on Friday, reaching $731.74. The company had a trading volume of 3,005,192 shares, compared to its average volume of 2,753,961. Spotify Technology has a 52-week low of $319.07 and a 52-week high of $785.00. The firm's 50 day moving average price is $703.27 and its two-hundred day moving average price is $637.23. The firm has a market cap of $149.79 billion, a PE ratio of 177.61, a PEG ratio of 3.17 and a beta of 1.69.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SPOT shares. Bank of America raised their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday, April 21st. DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a report on Wednesday, July 30th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a report on Wednesday, July 30th. Finally, Benchmark dropped their target price on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a hold rating and twenty have issued 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 $718.90.

About Spotify Technology

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.