WT Wealth Management Sells 1,679 Shares of Spotify Technology (NYSE:SPOT)

WT Wealth Management trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 33.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,286 shares of the company's stock after selling 1,679 shares during the period. WT Wealth Management's holdings in Spotify Technology were worth $1,807,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SPOT. GQG Partners LLC acquired a new stake in Spotify Technology during the fourth quarter valued at $800,725,000. Jennison Associates LLC raised its stake in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Geode Capital Management LLC grew its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Norges Bank acquired a new position in shares of Spotify Technology in the 4th quarter valued at $396,028,000. Finally, Janus Henderson Group PLC raised its position in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SPOT shares. Evercore ISI raised their target price on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. The Goldman Sachs Group upped their price target on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. upped their target price on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. UBS Group raised their target price on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Finally, FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $701.31.

Spotify Technology Stock Up 0.4%

SPOT stock opened at $697.95 on Monday. Spotify Technology has a 52-week low of $290.13 and a 52-week high of $785.00. The company's 50-day simple moving average is $696.06 and its 200-day simple moving average is $611.91. The firm has a market cap of $142.88 billion, a P/E ratio of 115.95, a PEG ratio of 1.85 and a beta of 1.68.

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