Magnus Financial Group LLC Sells 8,598 Shares of Spotify Technology S.A. (NYSE:SPOT)

Magnus Financial Group LLC cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 49.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,947 shares of the company's stock after selling 8,598 shares during the quarter. Magnus Financial Group LLC's holdings in Spotify Technology were worth $1,681,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company's stock valued at $27,000 after purchasing an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $32,000. Lindbrook Capital LLC increased its position in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company's stock valued at $39,000 after purchasing an additional 50 shares during the period. Finally, Beaird Harris Wealth Management LLC increased its position in shares of Spotify Technology by 2,540.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 0.2 %

Shares of NYSE SPOT traded up $0.57 during mid-day trading on Friday, reaching $289.59. 2,477,228 shares of the company's stock were exchanged, compared to its average volume of 3,137,877. The firm has a market capitalization of $57.43 billion, a price-to-earnings ratio of -432.22 and a beta of 1.63. The business has a fifty day simple moving average of $271.48 and a 200 day simple moving average of $219.53. Spotify Technology S.A. has a twelve month low of $128.67 and a twelve month high of $319.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the company earned ($1.24) earnings per share. Equities research analysts predict that Spotify Technology S.A. will post 4.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SPOT shares. HSBC upped their price target on Spotify Technology from $310.00 to $355.00 and gave the company a "buy" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $260.00 to $340.00 and gave the company a "buy" rating in a research report on Wednesday, April 17th. Morgan Stanley upped their price target on Spotify Technology from $270.00 to $350.00 and gave the company an "overweight" rating in a research report on Monday, April 22nd. Rosenblatt Securities upped their price target on Spotify Technology from $315.00 to $396.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, KeyCorp upped their price target on Spotify Technology from $300.00 to $350.00 and gave the company an "overweight" rating in a research report on Friday, April 12th. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $301.81.

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.