Spotify Technology (NYSE:SPOT) Stock Position Cut by Equitable Trust Co.

Key Points

• Equitable Trust Co. reduced its stake in Spotify Technology by 12.1%, holding 8,197 shares worth $4,509,000 after selling 1,128 shares in the first quarter.
• Institutional investors control approximately 84.09% of Spotify's stock, with significant increases in positions from firms like Thrivent Financial and Vanguard Group during the fourth quarter.
• Spotify's latest earnings report showed a net margin of 7.19% and a revenue of $4.41 billion, which exceeded analysts' estimates despite an earnings per share miss of $1.16.

Equitable Trust Co. lessened its stake in Spotify Technology (NYSE:SPOT - Free Report) by 12.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,197 shares of the company's stock after selling 1,128 shares during the period. Equitable Trust Co.'s holdings in Spotify Technology were worth $4,509,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SPOT. Proficio Capital Partners LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at about $281,000. Thrivent Financial for Lutherans boosted its position in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after purchasing an additional 6,782 shares in the last quarter. LPL Financial LLC boosted its position in shares of Spotify Technology by 32.5% during the 4th quarter. LPL Financial LLC now owns 83,364 shares of the company's stock valued at $37,295,000 after purchasing an additional 20,426 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Spotify Technology by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 885,795 shares of the company's stock valued at $396,287,000 after purchasing an additional 198,718 shares in the last quarter. Finally, Congress Wealth Management LLC DE boosted its position in shares of Spotify Technology by 51.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 992 shares of the company's stock valued at $444,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SPOT shares. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Guggenheim raised their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. KeyCorp raised their target price on shares of Spotify Technology from $640.00 to $860.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. DZ Bank cut shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday, June 13th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $727.52.

Spotify Technology Stock Performance

Shares of SPOT opened at $680.41 on Friday. The firm has a market cap of $139.29 billion, a PE ratio of 112.84, a PEG ratio of 1.79 and a beta of 1.68. The firm's 50 day moving average price is $700.63 and its 200 day moving average price is $615.88. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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 net margin of 7.19% and a return on equity of 22.53%. The firm 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 business earned $0.97 EPS. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.

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