GWN Securities Inc. Sells 3,284 Shares of Spotify Technology $SPOT

GWN Securities Inc. decreased its position in Spotify Technology (NYSE:SPOT) by 85.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 560 shares of the company’s stock after selling 3,284 shares during the quarter. GWN Securities Inc.’s holdings in Spotify Technology were worth $436,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SPOT. Cornerstone Planning Group LLC raised its holdings in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 41 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares in the last quarter. GFG Capital LLC bought a new position in Spotify Technology in the second quarter worth $33,000. Truvestments Capital LLC bought a new position in Spotify Technology in the first quarter worth $34,000. Finally, HM Payson & Co. raised its holdings in Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company’s stock worth $35,000 after purchasing an additional 18 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SPOT. Argus began coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price target for the company. Oppenheimer raised their price target on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Phillip Securities upgraded Spotify Technology from a “moderate sell” rating to a “hold” rating in a report on Monday, August 4th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, KeyCorp reduced their price target on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $731.16.

Spotify Technology Stock Performance

NYSE SPOT opened at $654.64 on Wednesday. Spotify Technology has a one year low of $376.04 and a one year high of $785.00. The stock has a 50-day moving average of $693.81 and a 200 day moving average of $678.89. The company has a market capitalization of $134.01 billion, a price-to-earnings ratio of 158.89, a PEG ratio of 3.14 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the business posted $1.33 earnings per share. Spotify Technology’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.