Royal Bank of Canada Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Royal Bank of Canada lessened its holdings in Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 21.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,848 shares of the company’s stock after selling 22,177 shares during the period. Royal Bank of Canada’s holdings in Spotify Technology were worth $7,150,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Manhattan Co. lifted its holdings in shares of Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $29,000. Desjardins Global Asset Management Inc. acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $34,000. Twin Lakes Capital Management LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $34,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Spotify Technology in the first quarter valued at approximately $69,000. Hedge funds and other institutional investors own 52.80% of the company’s stock.

Spotify Technology Trading Down 1.8 %

Shares of SPOT stock opened at $121.66 on Friday. The company has a market capitalization of $23.52 billion, a PE ratio of -39.37 and a beta of 1.75. The firm has a fifty day simple moving average of $109.37 and a 200-day simple moving average of $94.69. Spotify Technology S.A. has a twelve month low of $69.29 and a twelve month high of $160.06.

Spotify Technology (NYSE:SPOT – Get Rating) last announced its earnings results on Tuesday, January 31st. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.15). The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Spotify Technology had a negative net margin of 3.48% and a negative return on equity of 17.78%. Equities research analysts predict that Spotify Technology S.A. will post -2.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Spotify Technology from $115.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday, February 1st. Piper Sandler boosted their price objective on shares of Spotify Technology from $87.00 to $105.00 in a research report on Tuesday, January 31st. Benchmark upped their price target on shares of Spotify Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, January 30th. Morgan Stanley upped their price target on shares of Spotify Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 1st. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.77.

About Spotify Technology

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.