Edmonds Duncan Registered Investment Advisors LLC Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Edmonds Duncan Registered Investment Advisors LLC reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 27.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,302 shares of the company’s stock after selling 499 shares during the quarter. Edmonds Duncan Registered Investment Advisors LLC’s holdings in Spotify Technology were worth $344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Wellington Management Group LLP boosted its holdings in shares of Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares during the last quarter. Norges Bank purchased a new stake in Spotify Technology during the fourth quarter valued at about $92,429,000. 1832 Asset Management L.P. purchased a new stake in Spotify Technology during the fourth quarter valued at about $83,094,000. Finally, Citigroup Inc. lifted its holdings in Spotify Technology by 1,037.4% during the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock valued at $59,721,000 after purchasing an additional 352,237 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SPOT. Morgan Stanley upped their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Pivotal Research upped their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Guggenheim increased their price target on shares of Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Citigroup increased their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $311.88.

Spotify Technology Stock Up 0.5 %

Shares of Spotify Technology stock traded up $1.43 on Tuesday, hitting $315.27. The stock had a trading volume of 195,048 shares, compared to its average volume of 1,953,927. Spotify Technology S.A. has a one year low of $129.23 and a one year high of $331.08. The stock has a market cap of $59.96 billion, a price-to-earnings ratio of -468.65 and a beta of 1.59. The stock’s 50-day simple moving average is $303.83 and its two-hundred day simple moving average is $261.31.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $3.87 billion. During the same quarter last year, the business earned ($1.24) earnings per share. As a group, equities analysts predict that Spotify Technology S.A. will post 4.95 EPS for the current fiscal year.

About Spotify Technology

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.