Cutter & CO Brokerage Inc. Has $216,000 Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Cutter & CO Brokerage Inc. lowered its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 32.4% in the 4th quarter, HoldingsChannel reports. The firm owned 1,150 shares of the company’s stock after selling 550 shares during the period. Cutter & CO Brokerage Inc.’s holdings in Spotify Technology were worth $216,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its holdings in Spotify Technology by 1.5% in the third quarter. State of Alaska Department of Revenue now owns 39,114 shares of the company’s stock worth $6,048,000 after purchasing an additional 570 shares during the period. Impact Partnership Wealth LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $43,000. Exchange Traded Concepts LLC grew its stake in shares of Spotify Technology by 122.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after buying an additional 4,283 shares during the period. ARK Investment Management LLC increased its position in Spotify Technology by 774.6% in the 3rd quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock valued at $17,465,000 after buying an additional 100,026 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in Spotify Technology by 87.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after buying an additional 23,272 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 6.2 %

NYSE:SPOT traded down $18.86 during mid-day trading on Wednesday, hitting $284.45. 6,437,360 shares of the stock traded hands, compared to its average volume of 2,156,544. Spotify Technology S.A. has a 12-month low of $128.67 and a 12-month high of $319.30. The company has a market cap of $56.41 billion, a PE ratio of -96.05 and a beta of 1.63. The business’s 50-day moving average price is $269.00 and its 200 day moving average price is $216.78.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same quarter last year, the business posted ($1.24) earnings per share. Analysts anticipate that Spotify Technology S.A. will post 3.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SPOT shares. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America increased their target price on Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a report on Wednesday. Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a report on Monday. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $293.54.

Spotify Technology 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.