Handelsbanken Fonder AB Decreases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Handelsbanken Fonder AB reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 68,859 shares of the company’s stock after selling 14,817 shares during the quarter. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $37,875,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology in the fourth quarter valued at $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $27,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $29,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Spotify Technology by 209.1% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock valued at $37,000 after purchasing an additional 46 shares during the period. Finally, Quent Capital LLC grew its stake in Spotify Technology by 135.7% during 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. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $692.62 on Wednesday. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87. The stock has a fifty day moving average price of $618.26 and a two-hundred day moving average price of $561.98. The stock has a market capitalization of $141.78 billion, a price-to-earnings ratio of 116.41 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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 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 company earned $0.97 earnings per share. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SPOT shares. UBS Group reiterated an “overweight” rating on shares of Spotify Technology in a research note on Friday. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Finally, Citigroup increased their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $611.14.

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.