Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB cut its position in Spotify Technology S.A. (NYSE:SPOT) by 17.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,859 shares of the company’s stock after selling 14,817 shares during the period. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $37,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the 4th quarter worth $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth about $27,000. Copia Wealth Management acquired a new position in Spotify Technology during the fourth quarter worth about $29,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock valued at $37,000 after acquiring an additional 46 shares in the last quarter. Finally, Quent Capital LLC grew its stake in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on SPOT. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Citigroup boosted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. China Renaissance initiated coverage on Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price for the company. FBN Securities initiated coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target on the stock. Finally, Evercore ISI lowered their price target on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $611.14.

Spotify Technology Stock Down 0.9%

NYSE:SPOT opened at $692.62 on Wednesday. The company has a market cap of $141.78 billion, a price-to-earnings ratio of 116.41 and a beta of 1.68. The company has a fifty day simple moving average of $618.26 and a two-hundred day simple moving average 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 announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. On average, analysts expect that Spotify Technology S.A. will post 10.3 EPS 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.