Mount Yale Investment Advisors LLC Cuts Holdings in Spotify Technology S.A. (NYSE:SPOT)

Mount Yale Investment Advisors LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,789 shares of the company’s stock after selling 854 shares during the quarter. Spotify Technology accounts for approximately 0.6% of Mount Yale Investment Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. Mount Yale Investment Advisors LLC’s holdings in Spotify Technology were worth $7,958,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Spotify Technology in the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SPOT shares. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. KeyCorp lifted their target price on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Benchmark reiterated a “buy” rating and issued a $520.00 target price on shares of Spotify Technology in a research report on Thursday, January 16th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Stock Up 1.9 %

SPOT opened at $511.19 on Monday. The firm has a market cap of $101.75 billion, a P/E ratio of 138.91 and a beta of 1.62. The business has a fifty day simple moving average of $473.74 and a 200-day simple moving average of $396.89. Spotify Technology S.A. has a 52 week low of $210.34 and a 52 week high of $512.01.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. Sell-side analysts expect that Spotify Technology S.A. will post 5.91 earnings per share 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.