West Michigan Advisors LLC Sells 493 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• West Michigan Advisors LLC reduced its holdings in Spotify by 34.8% in the first quarter, retaining 925 shares worth $509,000 after selling off 493 shares.
• JPMorgan and Canaccord Genuity have recently increased their target price for Spotify shares, with Canaccord setting a target of $850, while UBS and Wells Fargo have adjusted theirs to $850 and $750, respectively.
• Spotify's latest earnings report showed a loss of $0.42 per share, missing estimates significantly, though revenue grew by 10.1% year-over-year to $4.94 billion.

West Michigan Advisors LLC lowered its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 34.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 925 shares of the company's stock after selling 493 shares during the quarter. West Michigan Advisors LLC's holdings in Spotify Technology were worth $509,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. FMR LLC increased its holdings in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares during the period. Northern Trust Corp raised its position in shares of Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after buying an additional 726,245 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 3.1%

Shares of SPOT traded up $20.64 during trading hours on Thursday, reaching $687.45. The stock had a trading volume of 2,441,891 shares, compared to its average volume of 2,685,037. The company has a market cap of $140.73 billion, a P/E ratio of 166.86, a P/E/G ratio of 2.89 and a beta of 1.69. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The firm has a 50-day moving average of $701.76 and a 200 day moving average of $628.47.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SPOT shares. Phillip Securities raised Spotify Technology from a "moderate sell" rating to a "hold" rating in a research report on Monday. Rosenblatt Securities decreased their price objective on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a report on Wednesday, July 30th. The Goldman Sachs Group upped their target price on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Benchmark reduced their target price on Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Finally, DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target on the stock in a report on Wednesday, July 30th. Ten research 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, Spotify Technology currently has an average 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.