Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Cutter & CO Brokerage Inc.

Cutter & CO Brokerage Inc. trimmed its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 32.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,150 shares of the company’s stock after selling 550 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Spotify Technology were worth $216,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SPOT. GAMMA Investing LLC bought a new position in shares of Spotify Technology during the fourth quarter worth about $32,000. Parkside Financial Bank & Trust raised its stake in Spotify Technology by 21.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 354 shares of the company’s stock valued at $67,000 after buying an additional 63 shares in the last quarter. Duality Advisers LP bought a new position in Spotify Technology during the 4th quarter worth approximately $837,000. Handelsbanken Fonder AB grew its position in shares of Spotify Technology by 41.9% in the 4th quarter. Handelsbanken Fonder AB now owns 36,146 shares of the company’s stock worth $6,792,000 after acquiring an additional 10,671 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $18.86 during mid-day trading on Wednesday, hitting $284.45. 6,437,360 shares of the stock traded hands, compared to its average volume of 2,156,544. The firm has a market cap of $56.41 billion, a price-to-earnings ratio of -96.05 and a beta of 1.63. The company’s 50-day simple moving average is $269.00 and its 200-day simple moving average is $216.78. Spotify Technology S.A. has a twelve month low of $128.67 and a twelve month high of $319.30.

Spotify Technology (NYSE:SPOT) last released its earnings results 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 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the company earned ($1.24) earnings per share. Analysts forecast that Spotify Technology S.A. will post 3.5 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price objective on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday. Bank of America lifted their target price on Spotify Technology from $315.00 to $370.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Macquarie upped their target price on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $293.54.

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.