Claro Advisors LLC Sells 173 Shares of Spotify Technology S.A. (NYSE:SPOT)

Claro Advisors LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 12.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,259 shares of the company’s stock after selling 173 shares during the quarter. Claro Advisors LLC’s holdings in Spotify Technology were worth $464,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GQG Partners LLC acquired a new stake in Spotify Technology in the 1st quarter valued at $610,040,000. Swedbank AB acquired a new stake in Spotify Technology in the 1st quarter valued at $198,663,000. Sei Investments Co. grew its position in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the period. Castle Hook Partners LP acquired a new stake in Spotify Technology in the 1st quarter valued at $60,870,000. Finally, Bamco Inc. NY grew its position in Spotify Technology by 28.3% in the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after purchasing an additional 190,931 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Morgan Stanley lifted their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Macquarie lifted their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim lifted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, TD Cowen lifted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Trading Up 3.3 %

Shares of Spotify Technology stock opened at $378.88 on Friday. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $389.23. The stock’s 50-day simple moving average is $352.57 and its 200 day simple moving average is $323.08. The stock has a market capitalization of $75.42 billion, a P/E ratio of 154.64 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the business posted ($1.69) EPS. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, research analysts anticipate that Spotify Technology S.A. will post 6.24 EPS for the current year.

Spotify Technology 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.