Technology Crossover Management XI Ltd. Sells 297,323 Shares of Spotify Technology $SPOT

Technology Crossover Management XI Ltd. lessened its holdings in Spotify Technology (NYSE:SPOT) by 22.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,000,000 shares of the company’s stock after selling 297,323 shares during the period. Spotify Technology comprises approximately 72.9% of Technology Crossover Management XI Ltd.’s portfolio, making the stock its biggest position. Technology Crossover Management XI Ltd. owned about 0.49% of Spotify Technology worth $767,340,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SPOT. Sapient Capital LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth $322,000. Integrated Wealth Concepts LLC boosted its holdings in Spotify Technology by 39.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock valued at $1,486,000 after acquiring an additional 769 shares during the period. Swedbank AB grew its position in shares of Spotify Technology by 1.4% in the first quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after purchasing an additional 13,458 shares during the last quarter. Legacy Capital Group California Inc. increased its stake in shares of Spotify Technology by 110.9% in the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after purchasing an additional 2,049 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Spotify Technology during the 2nd quarter worth about $18,877,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $565.62 on Monday. The company has a market capitalization of $116.46 billion, a P/E ratio of 88.93, a P/E/G ratio of 1.87 and a beta of 1.66. The firm’s fifty day moving average price is $642.44 and its two-hundred day moving average price is $679.58. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period last year, the firm earned $1.45 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SPOT shares. Barclays lowered their target price on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $765.00 to $770.00 in a research report on Tuesday, September 30th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Guggenheim decreased their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Rosenblatt Securities cut their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $758.86.

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.