Gunderson Capital Management Inc. Sells 17,595 Shares of Spotify Technology S.A. (NYSE:SPOT)

Gunderson Capital Management Inc. reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 69.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,563 shares of the company’s stock after selling 17,595 shares during the quarter. Spotify Technology makes up about 2.7% of Gunderson Capital Management Inc.’s portfolio, making the stock its 15th biggest holding. Gunderson Capital Management Inc.’s holdings in Spotify Technology were worth $4,160,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SPOT. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter valued at about $1,335,575,000. FMR LLC boosted its stake in Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group grew its holdings in Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC acquired a new position in Spotify Technology in the 4th quarter valued at $800,725,000. Finally, Geode Capital Management LLC increased its position in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 4.8%

Shares of Spotify Technology stock opened at $667.14 on Monday. The firm’s 50 day moving average is $599.93 and its 200 day moving average is $551.47. The firm has a market capitalization of $136.57 billion, a PE ratio of 112.12 and a beta of 1.72. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $671.24.

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 the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 EPS. As a group, research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SPOT shares. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. Macquarie boosted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Robert W. Baird raised their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. 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 company has a consensus rating of “Moderate Buy” and an average target price of $609.07.

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.