Fulton Bank N.A. Sells 252 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fulton Bank N.A. lessened its position in Spotify Technology S.A. (NYSE:SPOT) by 18.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,100 shares of the company’s stock after selling 252 shares during the period. Fulton Bank N.A.’s holdings in Spotify Technology were worth $345,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SPOT. Raymond James & Associates lifted its position in shares of Spotify Technology by 19.0% in the 4th quarter. Raymond James & Associates now owns 38,410 shares of the company’s stock worth $7,218,000 after purchasing an additional 6,139 shares during the period. Private Trust Co. NA grew its holdings in shares of Spotify Technology by 18.4% during the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares during the period. International Assets Investment Management LLC bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $32,944,000. Nisa Investment Advisors LLC boosted its position in shares of Spotify Technology by 7.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 25,143 shares of the company’s stock valued at $4,725,000 after purchasing an additional 1,693 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Spotify Technology by 15.2% in the fourth quarter. Bleakley Financial Group LLC now owns 1,550 shares of the company’s stock worth $291,000 after purchasing an additional 204 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPOT. Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. HSBC boosted their price target on Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $3.00 during trading on Tuesday, hitting $327.03. The company had a trading volume of 1,539,731 shares, compared to its average volume of 2,016,616. 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 S.A. has a 12 month low of $129.23 and a 12 month high of $359.38. The stock has a 50 day simple moving average of $314.09 and a 200 day simple moving average of $283.51. The firm has a market capitalization of $65.10 billion, a P/E ratio of -488.10 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.69) earnings per share. As a group, analysts anticipate that Spotify Technology S.A. will post 6.32 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.