Mackenzie Financial Corp Lowers Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Mackenzie Financial Corp reduced its stake in Spotify Technology S.A. (NYSE:SPOTGet Rating) by 7.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,881 shares of the company’s stock after selling 795 shares during the quarter. Mackenzie Financial Corp’s holdings in Spotify Technology were worth $927,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SPOT. Baillie Gifford & Co. lifted its stake in Spotify Technology by 12.8% during the second quarter. Baillie Gifford & Co. now owns 26,199,637 shares of the company’s stock worth $2,458,313,000 after purchasing an additional 2,971,063 shares in the last quarter. BlackRock Inc. grew its position in Spotify Technology by 6.3% in the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after acquiring an additional 241,026 shares in the last quarter. Alecta Tjanstepension Omsesidigt increased its stake in Spotify Technology by 7.7% during the second quarter. Alecta Tjanstepension Omsesidigt now owns 2,785,600 shares of the company’s stock worth $261,484,000 after purchasing an additional 200,000 shares during the period. Nikko Asset Management Americas Inc. lifted its position in shares of Spotify Technology by 11.0% during the first quarter. Nikko Asset Management Americas Inc. now owns 2,097,799 shares of the company’s stock worth $318,865,000 after purchasing an additional 207,260 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Spotify Technology by 0.5% in the second quarter. Jennison Associates LLC now owns 1,895,466 shares of the company’s stock valued at $177,852,000 after purchasing an additional 10,006 shares during the period. Hedge funds and other institutional investors own 55.32% of the company’s stock.

Spotify Technology Stock Up 4.0 %

Shares of SPOT stock opened at $78.26 on Thursday. The stock’s 50-day moving average price is $85.85 and its 200 day moving average price is $99.95. The stock has a market capitalization of $15.04 billion, a PE ratio of -41.19 and a beta of 1.73. Spotify Technology S.A. has a 52-week low of $69.29 and a 52-week high of $253.05.

Spotify Technology (NYSE:SPOTGet Rating) last announced its earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.11). The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.03 billion. Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. Analysts expect that Spotify Technology S.A. will post -2.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SPOT. KeyCorp reduced their target price on shares of Spotify Technology from $148.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, October 21st. Wells Fargo & Company reduced their price target on Spotify Technology from $132.00 to $121.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. Canaccord Genuity Group decreased their price objective on Spotify Technology from $175.00 to $150.00 in a research note on Monday, October 24th. Pivotal Research cut their target price on shares of Spotify Technology from $105.00 to $100.00 in a research note on Wednesday, October 26th. Finally, Evercore ISI decreased their price target on shares of Spotify Technology from $230.00 to $175.00 in a research note on Wednesday, October 26th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $151.72.

About Spotify Technology

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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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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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