Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Capital Group Private Client Services Inc.

Capital Group Private Client Services Inc. lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 0.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 10,259 shares of the company’s stock after selling 88 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Spotify Technology were worth $2,707,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth $610,040,000. Artisan Partners Limited Partnership raised its stake in shares of Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Spotify Technology by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after buying an additional 12,192 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Spotify Technology by 28.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock worth $132,233,000 after buying an additional 109,776 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 2.2 %

SPOT stock traded down $7.08 during mid-day trading on Friday, hitting $321.87. The stock had a trading volume of 1,986,185 shares, compared to its average volume of 1,998,502. Spotify Technology S.A. has a 1-year low of $129.23 and a 1-year high of $346.23. The company has a fifty day moving average of $310.88 and a 200 day moving average of $276.89. The stock has a market capitalization of $64.07 billion, a price-to-earnings ratio of -480.40, a PEG ratio of 0.88 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.69) EPS. As a group, sell-side analysts expect that Spotify Technology S.A. will post 5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Rosenblatt Securities boosted their price objective on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday. Guggenheim boosted their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group boosted their target price on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. TD Cowen boosted their target price on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

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.