Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 7.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,449 shares of the company’s stock after selling 1,340 shares during the period. Spotify Technology makes up 0.8% of Elevation Point Wealth Partners LLC’s investment portfolio, making the stock its 18th largest position. Elevation Point Wealth Partners LLC’s holdings in Spotify Technology were worth $9,047,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Auxano Advisors LLC lifted its position in Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after buying an additional 20 shares in the last quarter. SRS Capital Advisors Inc. lifted its position in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares in the last quarter. Covenant Partners LLC lifted its position in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after buying an additional 25 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock valued at $225,000 after buying an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on SPOT. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective on the stock. Barclays dropped their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, March 28th. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target for the company. Finally, Citigroup lifted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. 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, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $611.14.

Spotify Technology Price Performance

SPOT stock opened at $710.53 on Friday. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $717.87. The firm has a fifty day moving average price of $629.98 and a two-hundred day moving average price of $566.13. The firm has a market cap of $145.45 billion, a price-to-earnings ratio of 119.42 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last announced 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the firm posted $0.97 EPS. The business’s revenue was up 15.2% compared to the same quarter last year. As a group, analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current fiscal 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.