Claro Advisors LLC Sells 935 Shares of Spotify Technology S.A. (NYSE:SPOT)

Claro Advisors LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 33.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,841 shares of the company’s stock after selling 935 shares during the period. Claro Advisors LLC’s holdings in Spotify Technology were worth $486,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the fourth quarter worth $32,000. Lindbrook Capital LLC lifted its position in 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 purchasing an additional 50 shares during the period. Future Financial Wealth Managment LLC bought a new position in Spotify Technology in the first quarter worth $40,000. Finally, Beaird Harris Wealth Management LLC lifted its position in 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 purchasing an additional 254 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on SPOT shares. UBS Group raised their target price on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Loop Capital raised their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. Piper Sandler restated a “neutral” rating and set a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Rosenblatt Securities restated a “buy” rating and set a $396.00 price target on shares of Spotify Technology in a research note on Tuesday, June 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $311.48.

Spotify Technology Stock Performance

NYSE:SPOT traded up $0.21 on Monday, hitting $314.00. 1,080,447 shares of the stock were exchanged, compared to its average volume of 1,967,997. The stock has a market capitalization of $59.72 billion, a price-to-earnings ratio of -468.42 and a beta of 1.61. Spotify Technology S.A. has a 52 week low of $129.23 and a 52 week high of $331.08. The company’s 50-day moving average price is $303.83 and its 200 day moving average price is $261.31.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the company posted ($1.24) EPS. As a group, equities research analysts predict that Spotify Technology S.A. will post 4.95 earnings per share for the current 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.