Occidental Asset Management LLC Sells 229 Shares of Spotify Technology S.A. (NYSE:SPOT)

Occidental Asset Management LLC decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,392 shares of the company’s stock after selling 229 shares during the quarter. Occidental Asset Management LLC’s holdings in Spotify Technology were worth $367,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology during the 4th quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the 4th quarter valued at approximately $32,000. Lindbrook Capital LLC boosted its stake in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth approximately $40,000. Finally, Beaird Harris Wealth Management LLC lifted its position in shares of Spotify Technology by 2,540.0% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares during the period. 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 reports. Barclays raised their price objective on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Rosenblatt Securities reiterated a “buy” rating and issued a $396.00 price objective on shares of Spotify Technology in a research report on Tuesday, June 4th. Morgan Stanley raised their price objective on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Raymond James raised their price objective on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Finally, Pivotal Research raised their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $311.48.

Spotify Technology Price Performance

NYSE SPOT opened at $313.79 on Friday. The stock has a fifty day moving average of $303.83 and a 200-day moving average of $260.88. Spotify Technology S.A. has a 52 week low of $129.23 and a 52 week high of $331.08.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period last year, the firm earned ($1.24) EPS. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 4.95 earnings per share 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.