Avity Investment Management Inc. Has $303,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Avity Investment Management Inc. lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.5% in the first quarter, Holdings Channel reports. The firm owned 1,150 shares of the company’s stock after selling 150 shares during the period. Avity Investment Management Inc.’s holdings in Spotify Technology were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Spotify Technology by 157.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock valued at $1,138,000 after purchasing an additional 2,635 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Spotify Technology during the first quarter valued at approximately $40,000. Brookstone Capital Management lifted its stake in Spotify Technology by 5.0% in the first quarter. Brookstone Capital Management now owns 1,280 shares of the company’s stock valued at $338,000 after buying an additional 61 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in Spotify Technology in the first quarter valued at approximately $525,000. Finally, Riverview Trust Co bought a new position in Spotify Technology in the first quarter valued at approximately $91,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SPOT. Piper Sandler reaffirmed a “neutral” rating and issued a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Guggenheim lifted their price target on shares of Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Macquarie lifted their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Finally, Loop Capital lifted their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $311.48.

Spotify Technology Stock Performance

NYSE SPOT traded down $1.59 on Friday, hitting $313.79. 4,934,951 shares of the stock were exchanged, compared to its average volume of 1,589,788. The business’s fifty day moving average is $303.83 and its 200 day moving average is $260.45. Spotify Technology S.A. has a 52 week low of $129.23 and a 52 week high of $331.08.

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