Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Avitas Wealth Management LLC

Avitas Wealth Management LLC trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,206 shares of the company’s stock after selling 27 shares during the period. Avitas Wealth Management LLC’s holdings in Spotify Technology were worth $540,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $1,335,575,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at $619,600,000. WCM Investment Management LLC increased its holdings in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on SPOT. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, TD Cowen boosted their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Price Performance

SPOT stock opened at $625.04 on Thursday. Spotify Technology S.A. has a 52-week low of $227.52 and a 52-week high of $630.77. The company has a 50-day moving average of $485.02 and a two-hundred day moving average of $409.38. The stock has a market capitalization of $124.41 billion, a price-to-earnings ratio of 169.85 and a beta of 1.63.

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