Knights of Columbus Asset Advisors LLC Sells 3,427 Shares of Spotify Technology (NYSE:SPOT)

Knights of Columbus Asset Advisors LLC trimmed its holdings in Spotify Technology (NYSE:SPOT) by 63.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,981 shares of the company’s stock after selling 3,427 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in Spotify Technology were worth $1,090,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Jennison Associates LLC lifted its holdings in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after acquiring an additional 112,553 shares during the last quarter. FMR LLC raised its holdings in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after buying an additional 473,569 shares during the last quarter. Schroder Investment Management Group raised its holdings in Spotify Technology by 0.4% during 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 during the last quarter. Finally, Geode Capital Management LLC raised its holdings 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 valued at $659,841,000 after buying an additional 1,259,183 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 1.7%

SPOT opened at $692.85 on Friday. The company has a market cap of $141.83 billion, a price-to-earnings ratio of 114.90, a PEG ratio of 1.81 and a beta of 1.68. The company’s 50 day moving average is $701.36 and its 200 day moving average is $617.47. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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). The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. 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 business posted $0.97 EPS. As a group, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. Loop Capital upped their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a report on Friday, May 2nd. Phillip Securities upgraded shares of Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Guggenheim upped their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a “buy” rating in a report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $727.52.

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.