Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 13.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 959 shares of the company’s stock after selling 155 shares during the period. Fulton Bank N.A.’s holdings in Spotify Technology were worth $429,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. National Bank of Canada FI raised its holdings in shares of Spotify Technology by 3.0% during the 2nd quarter. National Bank of Canada FI now owns 2,489 shares of the company’s stock worth $781,000 after buying an additional 73 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Spotify Technology by 118.3% during the 2nd quarter. Private Advisor Group LLC now owns 3,023 shares of the company’s stock valued at $949,000 after buying an additional 1,638 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Spotify Technology in the second quarter worth about $39,000. Wedbush Securities Inc. purchased a new stake in shares of Spotify Technology during the second quarter valued at approximately $428,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Spotify Technology by 80.2% during the 2nd 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 in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPOT. Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Morgan Stanley raised their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. KeyCorp increased their price objective on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $433.36.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $459.82 on Friday. The business has a 50-day moving average of $460.14 and a two-hundred day moving average of $383.82. Spotify Technology S.A. has a 12 month low of $191.88 and a 12 month high of $506.47. The firm has a market capitalization of $91.53 billion, a PE ratio of 124.95 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released 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 for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. As a group, research analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share 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.