Cetera Investment Advisers Sells 1,401 Shares of Spotify Technology S.A. (NYSE:SPOT)

Cetera Investment Advisers trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 6.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 20,596 shares of the company’s stock after selling 1,401 shares during the period. Cetera Investment Advisers’ holdings in Spotify Technology were worth $9,214,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the fourth quarter valued at about $27,000. Quent Capital LLC boosted its stake in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Noble Wealth Management PBC acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $52,000. Larson Financial Group LLC raised its stake in shares of Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock worth $64,000 after buying an additional 47 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $69,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.0%

Shares of SPOT opened at $648.97 on Monday. Spotify Technology S.A. has a twelve month low of $286.21 and a twelve month high of $666.61. The stock has a market capitalization of $132.85 billion, a P/E ratio of 109.07 and a beta of 1.72. The company has a 50 day moving average of $575.47 and a 200-day moving average of $525.93.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPOT. Barclays reduced their price target on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Loop Capital raised their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a report on Friday, May 2nd. Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Benchmark increased their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $604.76.

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.