Raymond James Financial Services Advisors Inc. Trims Holdings in Spotify Technology S.A. (NYSE:SPOT)

Raymond James Financial Services Advisors Inc. decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 0.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,274 shares of the company’s stock after selling 300 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Spotify Technology were worth $10,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GQG Partners LLC purchased a new position in shares of Spotify Technology during the first quarter valued at $610,040,000. Swedbank AB purchased a new position in shares of Spotify Technology during the first quarter valued at $198,663,000. Norges Bank purchased a new position in Spotify Technology in the fourth quarter valued at about $92,429,000. 1832 Asset Management L.P. purchased a new position in Spotify Technology in the fourth quarter valued at about $83,094,000. Finally, Envestnet Asset Management Inc. grew its stake in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after purchasing an additional 299,700 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Benchmark reiterated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. Morgan Stanley lifted their target price on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. UBS Group lifted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Jefferies Financial Group reiterated a “buy” rating and issued a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Finally, Macquarie lifted their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $353.15.

Spotify Technology Trading Up 0.1 %

Spotify Technology stock opened at $342.38 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 52 week low of $133.69 and a 52 week high of $359.38. The company has a market capitalization of $68.15 billion, a price-to-earnings ratio of -511.01 and a beta of 1.59. The stock has a 50-day moving average price of $321.38 and a 200 day moving average price of $294.55.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the company posted ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology S.A. will post 6.32 EPS 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.