Wealth Enhancement Advisory Services LLC Sells 17,349 Shares of Spotify Technology $SPOT

Key Points

• Wealth Enhancement Advisory Services LLC dramatically reduced its stake in Spotify Technology by 68.2%, selling 17,349 shares and holding only 8,092 shares at a value of $5.87 million.
• Multiple institutional investors increased their stakes in Spotify, with Goldman Sachs leading with a 1,151.0% increase, now holding 1.74 million shares valued at approximately $957 million.
• Analysts have set a positive outlook for Spotify Technology, with price targets ranging up to $900, and a consensus rating of "Moderate Buy" among research analysts.

Wealth Enhancement Advisory Services LLC lowered its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 68.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,092 shares of the company's stock after selling 17,349 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Spotify Technology were worth $5,867,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Spotify Technology by 3.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the period. Northern Trust Corp increased its position in shares of Spotify Technology by 10.3% during the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock valued at $866,012,000 after purchasing an additional 147,580 shares during the period. Finally, Forsta AP Fonden increased its position in shares of Spotify Technology by 12.6% during the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock valued at $857,855,000 after purchasing an additional 174,700 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Pivotal Research boosted their price objective on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Guggenheim reaffirmed a "buy" rating and issued a $850.00 price target on shares of Spotify Technology in a research note on Wednesday, September 3rd. BNP Paribas Exane assumed coverage on Spotify Technology in a research note on Tuesday, September 16th. They issued an "outperform" rating and a $900.00 price target on the stock. Finally, DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target on the stock in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $726.84.

Spotify Technology Stock Performance

Shares of SPOT opened at $708.96 on Thursday. The stock has a fifty day moving average price of $693.82 and a two-hundred day moving average price of $656.50. Spotify Technology has a 52-week low of $362.31 and a 52-week high of $785.00. The company has a market cap of $145.13 billion, a price-to-earnings ratio of 172.08, a PEG ratio of 3.09 and a beta of 1.71.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The company's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.33 EPS. Spotify Technology has set its Q3 2025 guidance at EPS. As a group, research analysts predict that Spotify Technology will post 10.3 EPS 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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