Lafayette Investments Inc. Sells 500 Shares of Spotify Technology S.A. (NYSE:SPOT)

Lafayette Investments Inc. cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.0% during the 4th quarter, HoldingsChannel reports. The firm owned 11,875 shares of the company’s stock after selling 500 shares during the period. Lafayette Investments Inc.’s holdings in Spotify Technology were worth $2,231,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Calamos Advisors LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at $1,447,000. Slow Capital Inc. raised its holdings in Spotify Technology by 0.5% during the fourth quarter. Slow Capital Inc. now owns 18,487 shares of the company’s stock worth $3,474,000 after buying an additional 94 shares during the last quarter. Phoenix Wealth Advisors acquired a new position in Spotify Technology during the fourth quarter worth $204,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Spotify Technology by 8.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,470 shares of the company’s stock valued at $276,000 after purchasing an additional 109 shares during the last quarter. Finally, Canton Hathaway LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $170,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SPOT shares. Macquarie reiterated an “outperform” rating and set a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Rosenblatt Securities increased their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Morgan Stanley increased their price target on shares of Spotify Technology from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Finally, Benchmark raised their target price on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $265.24.

Spotify Technology Stock Down 4.2 %

Shares of SPOT stock traded down $12.04 during mid-day trading on Friday, reaching $277.16. The company’s stock had a trading volume of 1,419,858 shares, compared to its average volume of 1,898,941. The company’s 50 day simple moving average is $266.24 and its 200-day simple moving average is $213.35. Spotify Technology S.A. has a 12-month low of $128.67 and a 12-month high of $313.16. The firm has a market capitalization of $54.97 billion, a PE ratio of -97.70 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the business earned ($1.43) EPS. As a group, research analysts anticipate that Spotify Technology S.A. will post 3.51 EPS 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.