Worldquant Millennium Advisors LLC Decreases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Worldquant Millennium Advisors LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 81.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,698 shares of the company’s stock after selling 16,207 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Spotify Technology were worth $1,654,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth about $27,000. Quent Capital LLC increased its holdings in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the last quarter. Noble Wealth Management PBC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $52,000. Colonial Trust Co SC increased its holdings in shares of Spotify Technology by 1,009.1% in the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after buying an additional 111 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Spotify Technology by 48.5% in the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock worth $64,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0%

Spotify Technology stock opened at $636.87 on Friday. The business has a fifty day moving average of $592.68 and a two-hundred day moving average of $539.84. The firm has a market cap of $130.37 billion, a P/E ratio of 107.04 and a beta of 1.72. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $669.00.

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). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. Equities analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on SPOT shares. Guggenheim boosted their target price on shares of Spotify Technology from $675.00 to $725.00 and gave the stock a “buy” rating in a report on Monday, May 12th. China Renaissance initiated coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective for the company. Citigroup boosted their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price for the company. Finally, Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price for the company in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $609.07.

Spotify Technology Company 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.