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Elevation Point Wealth Partners LLC Reduces Holdings in Spotify Technology (NYSE:SPOT)

Spotify Technology logo with Business Services background

Elevation Point Wealth Partners LLC trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,449 shares of the company's stock after selling 1,340 shares during the period. Spotify Technology comprises 0.8% of Elevation Point Wealth Partners LLC's portfolio, making the stock its 18th largest position. Elevation Point Wealth Partners LLC's holdings in Spotify Technology were worth $9,047,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SPOT. Kestra Private Wealth Services LLC lifted its stake in Spotify Technology by 30.7% in the fourth quarter. Kestra Private Wealth Services LLC now owns 1,412 shares of the company's stock worth $632,000 after acquiring an additional 332 shares during the period. Savant Capital LLC raised its holdings in Spotify Technology by 9.8% in the 4th quarter. Savant Capital LLC now owns 1,052 shares of the company's stock worth $470,000 after purchasing an additional 94 shares in the last quarter. Focus Financial Network Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter worth about $232,000. Quent Capital LLC boosted its stake in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Hartford Investment Management Co. bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $641,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.8%

SPOT traded up $5.87 during midday trading on Tuesday, hitting $721.44. 1,096,787 shares of the company traded hands, compared to its average volume of 2,204,803. The company's 50-day moving average is $637.04 and its 200 day moving average is $570.13. The firm has a market capitalization of $147.69 billion, a PE ratio of 119.64, a price-to-earnings-growth ratio of 1.75 and a beta of 1.68. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $728.80.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.97 EPS. On average, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. DZ Bank lowered shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday. JPMorgan Chase & Co. raised their target price on Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Macquarie upped their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Barclays lowered their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $626.14.

Check Out Our Latest Research Report on Spotify Technology

About Spotify Technology

(Free Report)

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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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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