Spotify Technology S.A. (NYSE:SPOT) Shares Sold by USA Financial Formulas

USA Financial Formulas decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 31.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 528 shares of the company’s stock after selling 237 shares during the quarter. USA Financial Formulas’ holdings in Spotify Technology were worth $290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter worth approximately $27,000. Copia Wealth Management acquired a new stake in Spotify Technology during the fourth quarter worth $29,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after acquiring an additional 46 shares during the last quarter. Finally, Quent Capital LLC increased its stake in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Rosenblatt Securities cut their target price on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, March 28th. Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective for the company in a research note on Monday, April 21st. Finally, KeyCorp dropped their price objective on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Eight equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $611.14.

Spotify Technology Stock Performance

Spotify Technology stock opened at $708.23 on Thursday. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $717.87. The company has a market capitalization of $144.98 billion, a P/E ratio of 119.03 and a beta of 1.68. The stock has a 50-day simple moving average of $622.37 and a 200-day simple moving average of $562.99.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 EPS. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current 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.