Claro Advisors LLC Trims Stake in Spotify Technology S.A. (NYSE:SPOT)

Claro Advisors LLC lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 41.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 740 shares of the company’s stock after selling 519 shares during the quarter. Claro Advisors LLC’s holdings in Spotify Technology were worth $331,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Private Advisor Group LLC increased its holdings in shares of Spotify Technology by 118.3% in the 2nd quarter. Private Advisor Group LLC now owns 3,023 shares of the company’s stock valued at $949,000 after acquiring an additional 1,638 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Spotify Technology during the 2nd quarter worth $39,000. Daiwa Securities Group Inc. increased its stake in Spotify Technology by 80.2% in the second quarter. Daiwa Securities Group Inc. now owns 1,290 shares of the company’s stock valued at $405,000 after purchasing an additional 574 shares during the period. Thoroughbred Financial Services LLC acquired a new position in Spotify Technology in the second quarter valued at $628,000. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in shares of Spotify Technology in the second quarter valued at about $310,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. TD Cowen boosted their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Bank of America lifted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Macquarie upped their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $433.36.

Spotify Technology Stock Up 1.0 %

Spotify Technology stock opened at $463.15 on Wednesday. The firm’s 50-day simple moving average is $463.33 and its 200 day simple moving average is $386.77. Spotify Technology S.A. has a 52 week low of $191.88 and a 52 week high of $506.47. The firm has a market capitalization of $92.19 billion, a PE ratio of 125.86 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, research analysts expect that Spotify Technology S.A. will post 6.02 EPS 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.