Slow Capital Inc. Sells 531 Shares of Spotify Technology S.A. (NYSE:SPOT)

Slow Capital Inc. lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.2% during the 4th quarter, HoldingsChannel reports. The firm owned 15,928 shares of the company’s stock after selling 531 shares during the quarter. Spotify Technology comprises 1.0% of Slow Capital Inc.’s holdings, making the stock its 22nd biggest position. Slow Capital Inc.’s holdings in Spotify Technology were worth $7,126,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter worth $33,000. Larson Financial Group LLC increased its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. V Square Quantitative Management LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. grew its position in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Piper Sandler increased their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $520.00 price objective on shares of Spotify Technology in a research note on Thursday, January 16th. Finally, Phillip Securities restated an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a 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 $441.21.

Spotify Technology Stock Performance

NYSE:SPOT opened at $513.54 on Tuesday. The stock’s 50-day simple moving average is $473.74 and its 200 day simple moving average is $396.89. Spotify Technology S.A. has a 52-week low of $213.31 and a 52-week high of $516.58. The company has a market cap of $102.22 billion, a P/E ratio of 139.55 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company earned $0.36 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

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.