Crossmark Global Holdings Inc. Sells 205 Shares of Spotify Technology S.A. (NYSE:SPOT)

Crossmark Global Holdings Inc. reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 17.4% during the third quarter, HoldingsChannel reports. The fund owned 970 shares of the company’s stock after selling 205 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Spotify Technology were worth $357,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Avantax Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $218,000. Vanguard Group Inc. lifted its position in shares of Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after acquiring an additional 23,675 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Spotify Technology by 586.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,006 shares of the company’s stock worth $2,377,000 after acquiring an additional 7,694 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Spotify Technology by 0.6% in the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after acquiring an additional 38 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Spotify Technology in the first quarter valued at $215,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent research reports. Morgan Stanley increased their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday. Barclays boosted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Macquarie raised their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Rosenblatt Securities boosted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Down 4.0 %

SPOT opened at $458.32 on Monday. Spotify Technology S.A. has a 12 month low of $170.62 and a 12 month high of $489.69. The business’s 50-day moving average price is $378.15 and its 200-day moving average price is $338.61. The company has a market cap of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. Equities research analysts forecast that Spotify Technology S.A. will post 6.09 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.