Equitable Trust Co. Sells 171 Shares of Spotify Technology S.A. (NYSE:SPOT)

Equitable Trust Co. lessened its holdings in Spotify Technology S.A. (NYSE:SPOT) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,325 shares of the company’s stock after selling 171 shares during the period. Equitable Trust Co.’s holdings in Spotify Technology were worth $4,172,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SPOT. WCM Investment Management LLC increased its position in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA increased its position in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after buying an additional 102,786 shares during the period. Jennison Associates LLC bought a new position in Spotify Technology during the 4th quarter worth $1,335,575,000. State Street Corp increased its position in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC increased its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $623.54 on Monday. Spotify Technology S.A. has a 1 year low of $228.07 and a 1 year high of $632.45. The company has a market capitalization of $124.12 billion, a price-to-earnings ratio of 104.80 and a beta of 1.63. The business has a 50-day moving average of $493.96 and a 200-day moving average of $415.25.

Spotify Technology (NYSE:SPOT) last issued 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 25.56% and a net margin of 7.26%. The company 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 business earned $0.36 earnings per share. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 9.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group raised their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group raised their price target on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Morgan Stanley raised their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Finally, Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $514.79.

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.