Charles Schwab Investment Management Inc. Sells 9,375 Shares of Spotify Technology (NYSE:SPOT)

Charles Schwab Investment Management Inc. cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 6.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,429 shares of the company’s stock after selling 9,375 shares during the period. Charles Schwab Investment Management Inc. owned about 0.07% of Spotify Technology worth $77,790,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Cornerstone Planning Group LLC boosted its position in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after buying an additional 41 shares during the last quarter. Tsfg LLC bought a new position in Spotify Technology in the 1st quarter valued at $28,000. North Star Investment Management Corp. boosted its position in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter valued at $26,000. Finally, Copia Wealth Management bought a new position in Spotify Technology in the 4th quarter valued at $29,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPOT. Morgan Stanley decreased their price objective on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Bank of America raised their price target on Spotify Technology from $700.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Sanford C. Bernstein raised their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Rosenblatt Securities reduced their price target on Spotify Technology from $703.00 to $679.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 30th. Finally, Pivotal Research raised their price target on Spotify Technology from $800.00 to $900.00 and gave the stock a “buy” rating in a research report on Tuesday, June 17th. Ten analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $718.90.

Spotify Technology Price Performance

SPOT opened at $695.34 on Thursday. The business’s 50-day moving average price is $703.17 and its two-hundred day moving average price is $633.91. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The company has a market capitalization of $142.34 billion, a price-to-earnings ratio of 168.77, a P/E/G ratio of 2.98 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business earned $1.33 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate 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.