Flagship Harbor Advisors LLC Sells 149 Shares of Spotify Technology S.A. (NYSE:SPOT)

Flagship Harbor Advisors LLC trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,644 shares of the company’s stock after selling 149 shares during the period. Flagship Harbor Advisors LLC’s holdings in Spotify Technology were worth $1,630,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at about $40,000. Finally, Rakuten Securities Inc. boosted its position in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $511.19 on Monday. The stock has a market capitalization of $101.75 billion, a PE ratio of 138.91 and a beta of 1.62. Spotify Technology S.A. has a fifty-two week low of $210.34 and a fifty-two week high of $512.01. The business has a fifty day moving average price of $473.74 and a two-hundred day moving average price of $396.25.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Spotify Technology S.A. will post 5.91 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SPOT shares. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Phillip Securities restated an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Wells Fargo & Company raised their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Barclays raised their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $441.21.

Spotify Technology Company 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.