Cannell & Co. Has $561,000 Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Cannell & Co. reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 28.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,985 shares of the company’s stock after selling 1,205 shares during the quarter. Cannell & Co.’s holdings in Spotify Technology were worth $561,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Beck Bode LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $9,608,000. Auxano Advisors LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $215,000. EWA LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $187,000. Convergence Investment Partners LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $570,000. Finally, Headlands Technologies LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $401,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 1.4 %

Shares of NYSE:SPOT opened at $284.49 on Thursday. The company has a 50 day moving average of $273.81 and a 200 day moving average of $221.77. Spotify Technology S.A. has a 12 month low of $129.23 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued 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. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the company earned ($1.24) earnings per share. On average, research analysts expect that Spotify Technology S.A. will post 4.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Benchmark raised their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Loop Capital lifted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. KeyCorp lifted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Barclays lifted their price objective on shares of Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Finally, Raymond James lifted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

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.