Rockingstone Advisors LLC Sells 1,010 Shares of Spotify Technology S.A. (NYSE:SPOT)

Rockingstone Advisors LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.2% in the 1st quarter, HoldingsChannel reports. The firm owned 7,968 shares of the company’s stock after selling 1,010 shares during the period. Spotify Technology accounts for about 2.0% of Rockingstone Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Rockingstone Advisors LLC’s holdings in Spotify Technology were worth $4,383,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter valued at about $800,725,000. Geode Capital Management LLC increased its position in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Norges Bank acquired a new stake in Spotify Technology in the 4th quarter valued at about $396,028,000. Janus Henderson Group PLC increased 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 acquiring an additional 861,232 shares in the last quarter. Finally, Northern Trust Corp increased its position in Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock valued at $638,367,000 after acquiring an additional 726,245 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research reports. FBN Securities initiated coverage on shares of Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective for the company. UBS Group restated an “overweight” rating on shares of Spotify Technology in a research report on Friday. KeyCorp lowered their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a research report on Friday. Finally, Evercore ISI lowered their price objective on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $692.62 on Wednesday. The stock has a market cap of $141.78 billion, a P/E ratio of 116.41 and a beta of 1.68. The firm has a 50 day moving average price of $618.26 and a 200 day moving average price of $561.98. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $717.87.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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). The firm had revenue of $4.41 billion for 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 firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 EPS. Analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

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.