Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Shellback Capital LP

Shellback Capital LP trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 41.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 35,000 shares of the company’s stock after selling 25,000 shares during the quarter. Spotify Technology accounts for about 1.1% of Shellback Capital LP’s investment portfolio, making the stock its 28th largest holding. Shellback Capital LP’s holdings in Spotify Technology were worth $15,658,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in Spotify Technology in the fourth quarter valued at $52,000. Colonial Trust Co SC raised its holdings in Spotify Technology by 1,009.1% in the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock valued at $55,000 after acquiring an additional 111 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $56,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SPOT. KeyCorp cut their price target on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Benchmark upped their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Barclays cut their price target on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Macquarie raised their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Finally, Guggenheim lifted their price target on shares of Spotify Technology from $675.00 to $725.00 and gave the company a “buy” rating in a report on Monday. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.48.

Spotify Technology Stock Up 1.1%

SPOT stock opened at $640.43 on Friday. The company has a market capitalization of $131.10 billion, a P/E ratio of 107.64 and a beta of 1.72. The company has a 50-day simple moving average of $582.66 and a 200 day simple moving average of $530.69. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $663.55.

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

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.