Exchange Traded Concepts LLC Sells 761 Shares of Spotify Technology S.A. (NYSE:SPOT)

Exchange Traded Concepts LLC trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 7.7% in the 4th quarter, Holdings Channel reports. The firm owned 9,077 shares of the company’s stock after selling 761 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Spotify Technology were worth $4,061,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology in the third quarter worth $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth about $33,000. Larson Financial Group LLC raised 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 purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $40,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 1.9 %

Shares of Spotify Technology stock opened at $511.19 on Friday. The company has a market cap of $101.75 billion, a PE ratio of 138.91 and a beta of 1.62. The business has a 50 day moving average of $473.74 and a 200 day moving average of $395.66. Spotify Technology S.A. has a 52 week low of $210.34 and a 52 week high of $512.01.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate 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%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. On average, research analysts anticipate that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Pivotal Research lifted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. KeyCorp increased their target price on Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, January 10th. TD Cowen upped their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Finally, 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 research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.