Spotify Technology $SPOT Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management LLC reduced its stake in Spotify Technology by 17.7%, now holding 2,804 shares valued at approximately $2.15 million.
• Research analysts have adjusted their target prices for Spotify Technology, with estimates ranging from $640 to $850, indicating a general positive outlook on the stock.
• Spotify reported a revenue of $4.94 billion for the last quarter, which exceeded expectations, although it missed EPS estimates with a loss of $0.42 per share.

Axxcess Wealth Management LLC reduced its position in Spotify Technology (NYSE:SPOT - Free Report) by 17.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,804 shares of the company's stock after selling 605 shares during the quarter. Axxcess Wealth Management LLC's holdings in Spotify Technology were worth $2,152,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of SPOT. Tsfg LLC purchased a new stake in shares of Spotify Technology during the 1st quarter worth $28,000. Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during 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. Sound Income Strategies LLC boosted its position in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company's stock worth $31,000 after purchasing an additional 25 shares in the last quarter. GFG Capital LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth $33,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Spotify Technology during the 1st quarter worth $34,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SPOT shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Benchmark decreased 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. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Sanford C. Bernstein boosted their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $731.16.

Spotify Technology Trading Down 1.6%

NYSE:SPOT opened at $672.27 on Thursday. The firm has a market cap of $137.62 billion, a price-to-earnings ratio of 163.17, a price-to-earnings-growth ratio of 3.22 and a beta of 1.67. The company's 50-day moving average is $700.64 and its two-hundred day moving average is $669.28. Spotify Technology has a 12-month low of $366.65 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released 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 firm had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the company posted $1.33 earnings per share. Spotify Technology has set its Q3 2025 guidance at EPS. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology 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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.