Hyperion Asset Management Ltd Sells 69,809 Shares of Spotify Technology S.A. (NYSE:SPOT)

Hyperion Asset Management Ltd trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 472,370 shares of the company’s stock after selling 69,809 shares during the quarter. Spotify Technology comprises about 7.0% of Hyperion Asset Management Ltd’s holdings, making the stock its 6th biggest position. Hyperion Asset Management Ltd’s holdings in Spotify Technology were worth $211,329,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Gotham Asset Management LLC grew its stake in Spotify Technology by 15.5% in the 4th quarter. Gotham Asset Management LLC now owns 27,708 shares of the company’s stock valued at $12,396,000 after buying an additional 3,715 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Spotify Technology by 310.6% during the 4th quarter. Focus Partners Wealth now owns 7,543 shares of the company’s stock worth $3,375,000 after purchasing an additional 5,706 shares during the period. Emmett Investment Management LP acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $7,591,000. Ensign Peak Advisors Inc increased its position in shares of Spotify Technology by 136.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 22,021 shares of the company’s stock valued at $9,852,000 after purchasing an additional 12,720 shares during the period. Finally, Ethic Inc. raised its stake in shares of Spotify Technology by 5.0% in the 4th quarter. Ethic Inc. now owns 13,979 shares of the company’s stock valued at $6,254,000 after buying an additional 672 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.0 %

Shares of SPOT stock opened at $648.97 on Friday. The company’s fifty day simple moving average is $575.47 and its 200-day simple moving average is $524.89. Spotify Technology S.A. has a 12 month low of $286.21 and a 12 month high of $663.55. The firm has a market cap of $132.85 billion, a PE ratio of 109.07 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business posted $0.97 EPS. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SPOT shares. Cantor Fitzgerald cut their target price on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Canaccord Genuity Group increased their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Wells Fargo & Company lifted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. Finally, Guggenheim reissued a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $604.76.

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.