Spotify Technology S.A. (NYSE:SPOT) Stake Lowered by Junto Capital Management LP

Junto Capital Management LP decreased its stake in Spotify Technology S.A. (NYSE:SPOT) by 38.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,989 shares of the company’s stock after selling 48,543 shares during the period. Junto Capital Management LP’s holdings in Spotify Technology were worth $34,443,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Thrivent Financial for Lutherans boosted its holdings in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after acquiring an additional 6,782 shares during the period. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $214,000. Finally, Swedbank AB grew its holdings in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after buying an additional 163,626 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $648.97 on Friday. The company has a market capitalization of $132.85 billion, a price-to-earnings ratio of 109.07 and a beta of 1.72. The business’s 50-day moving average is $575.47 and its 200-day moving average is $524.89. Spotify Technology S.A. has a fifty-two week low of $286.21 and a fifty-two week high of $663.55.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Guggenheim reissued a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Citigroup boosted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. KeyCorp decreased their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Redburn Atlantic assumed coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.