Wesbanco Bank Inc. Has $3.08 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Wesbanco Bank Inc. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 15.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,590 shares of the company's stock after selling 992 shares during the period. Wesbanco Bank Inc.'s holdings in Spotify Technology were worth $3,075,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its holdings in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the last quarter. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology in the 4th quarter worth about $535,000. Steward Partners Investment Advisory LLC increased its position in shares of Spotify Technology by 4.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares during the last quarter. WealthPlan Investment Management LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at about $217,000. Finally, Amundi raised its holdings in shares of Spotify Technology by 194.2% during the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after buying an additional 495,087 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 0.9%

NYSE SPOT traded down $6.50 on Tuesday, reaching $692.62. The company's stock had a trading volume of 1,694,639 shares, compared to its average volume of 2,212,668. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $717.87. The firm has a market cap of $141.78 billion, a PE ratio of 116.41 and a beta of 1.68. The business has a 50-day moving average price of $615.58 and a 200 day moving average price of $561.07.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.97 EPS. Analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Rosenblatt Securities cut their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Robert W. Baird upped their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Evercore ISI cut their target price on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $611.14.

Spotify Technology Company 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.