Capital Wealth Planning LLC Has $254,000 Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Capital Wealth Planning LLC decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 22.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 810 shares of the company’s stock after selling 239 shares during the quarter. Capital Wealth Planning LLC’s holdings in Spotify Technology were worth $254,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Transcendent Capital Group LLC acquired a new position in Spotify Technology in the second quarter valued at about $25,000. Larson Financial Group LLC boosted its holdings in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares during the last quarter. Mather Group LLC. boosted its holdings in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the last quarter. Asset Dedication LLC bought a new stake in Spotify Technology in the second quarter valued at approximately $35,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Spotify Technology in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Guggenheim boosted their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Bank of America upped their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. Barclays upped their price objective on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark reiterated a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $357.41.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $338.56 on Tuesday. The stock has a market cap of $67.39 billion, a price-to-earnings ratio of -505.31 and a beta of 1.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $359.38. The stock’s 50-day moving average is $327.66 and its 200 day moving average is $305.26.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 6.31 EPS 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.