Stephens Inc. AR lowered its stake in Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 18.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,050 shares of the company’s stock after selling 698 shares during the period. Stephens Inc. AR’s holdings in Spotify Technology were worth $461,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Spotify Technology during the 1st quarter worth approximately $321,888,000. Norges Bank acquired a new position in shares of Spotify Technology during the 4th quarter worth approximately $235,825,000. Jennison Associates LLC grew its position in shares of Spotify Technology by 34.7% during the 4th quarter. Jennison Associates LLC now owns 2,580,094 shares of the company’s stock worth $603,819,000 after purchasing an additional 665,199 shares in the last quarter. Marshall Wace LLP grew its position in shares of Spotify Technology by 699.1% during the 4th quarter. Marshall Wace LLP now owns 669,889 shares of the company’s stock worth $156,775,000 after purchasing an additional 586,061 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Spotify Technology by 116.5% during the 4th quarter. Point72 Asset Management L.P. now owns 775,862 shares of the company’s stock worth $181,575,000 after purchasing an additional 417,473 shares in the last quarter. Institutional investors and hedge funds own 56.36% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on SPOT. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $235.00 to $110.00 in a research report on Thursday, April 28th. Truist Financial reduced their price target on shares of Spotify Technology from $210.00 to $150.00 in a research report on Thursday, April 28th. Raymond James upgraded shares of Spotify Technology from a “market perform” rating to an “outperform” rating and set a $150.00 price target on the stock in a research report on Monday, June 6th. Loop Capital dropped their price objective on shares of Spotify Technology from $280.00 to $110.00 in a research note on Thursday, April 28th. Finally, Bank of America increased their price objective on shares of Spotify Technology from $137.00 to $164.00 and gave the company a “buy” rating in a research note on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $183.65.
Spotify Technology Stock Up 3.8 %
Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.17). The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Spotify Technology had a negative net margin of 0.24% and a negative return on equity of 1.15%. Spotify Technology’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) EPS. Equities analysts expect that Spotify Technology S.A. will post -1.67 EPS for the current year.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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