Cerity Partners LLC Has $5.19 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Cerity Partners LLC decreased its position in Spotify Technology S.A. (NYSE:SPOT) by 7.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 27,641 shares of the company’s stock after selling 2,115 shares during the period. Cerity Partners LLC’s holdings in Spotify Technology were worth $5,194,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. First Horizon Advisors Inc. increased its position 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 valued at $27,000 after acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $29,000. Quarry LP acquired a new stake in shares of Spotify Technology in the second quarter valued at about $35,000. First Manhattan Co. increased its position 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 acquiring an additional 100 shares during the last quarter. Finally, Beaird Harris Wealth Management LLC increased its position 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 valued at $41,000 after acquiring an additional 254 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on SPOT. Macquarie reaffirmed an “outperform” rating and issued a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Benchmark boosted their price target on Spotify Technology from $260.00 to $290.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Bank of America boosted their price target on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Morgan Stanley boosted their price target on Spotify Technology from $250.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, Wells Fargo & Company boosted their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy 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 $254.16.

Spotify Technology Trading Up 2.6 %

Shares of SPOT stock opened at $298.09 on Wednesday. The stock has a 50 day simple moving average of $264.19 and a 200 day simple moving average of $212.25. Spotify Technology S.A. has a 1 year low of $128.67 and a 1 year high of $313.16.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.43) earnings per share. On average, equities research analysts expect that Spotify Technology S.A. will post 3.51 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.