Cresset Asset Management LLC Has $4.57 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Cresset Asset Management LLC lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,217 shares of the company's stock after selling 1,954 shares during the period. Cresset Asset Management LLC's holdings in Spotify Technology were worth $4,571,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its holdings in Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares during the period. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology in the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth about $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% during the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock valued at $423,279,000 after purchasing an additional 163,626 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

SPOT stock opened at $657.00 on Friday. The company has a 50 day moving average price of $574.12 and a 200 day moving average price of $522.09. Spotify Technology S.A. has a fifty-two week low of $286.21 and a fifty-two week high of $663.55. The stock has a market capitalization of $134.49 billion, a PE ratio of 110.42 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its 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). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS. As a group, equities analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPOT. Rosenblatt Securities dropped their price target on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Evercore ISI dropped their target price on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a report on Monday, April 21st. Finally, Cantor Fitzgerald reduced their target price on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $604.76.

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.

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