Capital Group Private Client Services Inc. Has $2.71 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Capital Group Private Client Services Inc. decreased its position in Spotify Technology S.A. (NYSE:SPOT) by 0.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,259 shares of the company’s stock after selling 88 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Spotify Technology were worth $2,707,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after buying an additional 43 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $32,000. FinTrust Capital Advisors LLC boosted its stake in shares of Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Finally, Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT traded down $7.08 on Friday, reaching $321.87. The company had a trading volume of 1,986,185 shares, compared to its average volume of 1,998,502. The firm has a market cap of $64.07 billion, a price-to-earnings ratio of -480.40, a P/E/G ratio of 0.88 and a beta of 1.59. Spotify Technology S.A. has a fifty-two week low of $129.23 and a fifty-two week high of $346.23. The business has a 50 day moving average of $310.88 and a two-hundred day moving average of $276.89.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business posted ($1.69) earnings per share. As a group, research analysts predict that Spotify Technology S.A. will post 5 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several recent research reports. Redburn Atlantic reiterated a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. Pivotal Research upped their target price on Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler restated a “neutral” rating and set a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Bank of America upped their target price on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. Finally, Barclays upped their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

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.