Robotti Robert Sells 1,000 Shares of Spotify Technology S.A. (NYSE:SPOT)

Robotti Robert decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,000 shares of the company’s stock after selling 1,000 shares during the quarter. Spotify Technology comprises approximately 1.0% of Robotti Robert’s portfolio, making the stock its 19th biggest holding. Robotti Robert’s holdings in Spotify Technology were worth $7,389,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bornite Capital Management LP bought a new stake in shares of Spotify Technology during the first quarter valued at about $11,876,000. Steadfast Capital Management LP boosted its holdings in Spotify Technology by 72.5% in the 1st quarter. Steadfast Capital Management LP now owns 295,300 shares of the company’s stock valued at $77,930,000 after purchasing an additional 124,100 shares during the period. Bamco Inc. NY grew its position in shares of Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after purchasing an additional 190,931 shares in the last quarter. Totem Point Management LLC bought a new position in Spotify Technology in the 1st quarter worth about $5,599,000. Finally, Beck Capital Management LLC grew its holdings in shares of Spotify Technology by 42.9% during the first quarter. Beck Capital Management LLC now owns 8,972 shares of the company’s stock worth $2,368,000 after purchasing an additional 2,695 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $1.88 during trading on Monday, reaching $323.76. 1,736,377 shares of the company traded hands, compared to its average volume of 1,996,684. The firm has a 50 day simple moving average of $311.19 and a 200-day simple moving average of $278.91. Spotify Technology S.A. has a 52-week low of $129.23 and a 52-week high of $346.23. The stock has a market capitalization of $64.44 billion, a PE ratio of -483.22 and a beta of 1.59. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm earned ($1.69) EPS. The company’s revenue was up 19.8% compared to the same quarter last year. Equities research analysts anticipate that Spotify Technology S.A. will post 5.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SPOT. Morgan Stanley raised their price target on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Bank of America increased their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Pivotal Research boosted their price objective on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Canaccord Genuity Group lifted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Wolfe Research initiated coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an “outperform” rating and a $390.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $353.15.

Spotify Technology 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.