Spotify Technology S.A. (NYSE:SPOT) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 14.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,369 shares of the company’s stock after selling 1,280 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $1,385,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SPOT. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth $29,000. GAMMA Investing LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth $32,000. Lindbrook Capital LLC lifted its holdings in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the period. Beaird Harris Wealth Management LLC lifted its holdings in shares of Spotify Technology by 2,540.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after purchasing an additional 254 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Spotify Technology by 191.4% during the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after purchasing an additional 178 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SPOT shares. Piper Sandler reiterated a “neutral” rating and issued a $320.00 price objective (up previously from $300.00) on shares of Spotify Technology in a research report on Wednesday, April 24th. Morgan Stanley increased their price objective on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Macquarie increased their price objective on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Barclays increased their price objective on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Finally, Pivotal Research raised their price target on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. 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, the company has a consensus rating of “Moderate Buy” and an average price target of $311.48.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $317.74 on Friday. The stock’s 50-day moving average price is $301.09 and its two-hundred day moving average price is $256.69. Spotify Technology S.A. has a 12-month low of $129.23 and a 12-month high of $331.08.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the company earned ($1.24) EPS. Analysts expect that Spotify Technology S.A. will post 4.95 earnings per share 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.