Cannell & Co. Sells 1,205 Shares of Spotify Technology S.A. (NYSE:SPOT)

Cannell & Co. reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 28.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,985 shares of the company’s stock after selling 1,205 shares during the quarter. Cannell & Co.’s holdings in Spotify Technology were worth $561,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the fourth quarter worth approximately $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth approximately $32,000. Lindbrook Capital LLC grew its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Finally, Beaird Harris Wealth Management LLC grew its stake in shares of Spotify Technology by 2,540.0% in the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 1.4 %

SPOT stock opened at $284.49 on Thursday. Spotify Technology S.A. has a twelve month low of $129.23 and a twelve month high of $319.30. The firm’s fifty day simple moving average is $273.81 and its two-hundred day simple moving average is $221.77.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the business posted ($1.24) earnings per share. Analysts anticipate that Spotify Technology S.A. will post 4.49 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent research reports. Macquarie boosted their target price on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Morgan Stanley boosted their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research report on Wednesday, February 7th. TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Finally, Loop Capital boosted their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $301.81.

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.