AGF Management Ltd. Reduces Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• AGF Management Ltd. has decreased its stake in Spotify Technology by 19.6%, selling 69,783 shares, and now holds 286,467 shares valued at approximately $157.57 million.
• In the first quarter, Spotify's stock experienced significant investment activity, with multiple firms such as Meridian Wealth Management and Aigen Investment Management acquiring new stakes in the company.
• Spotify reported a quarterly loss of ($0.42) per share, falling short of analysts' expectations, despite achieving $4.94 billion in revenue, which exceeded projections.

AGF Management Ltd. cut its stake in Spotify Technology (NYSE:SPOT - Free Report) by 19.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 286,467 shares of the company's stock after selling 69,783 shares during the period. AGF Management Ltd. owned 0.14% of Spotify Technology worth $157,565,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Meridian Wealth Management LLC acquired a new stake in Spotify Technology in the 1st quarter worth approximately $239,000. Independent Advisor Alliance lifted its stake in Spotify Technology by 7.4% during the 1st quarter. Independent Advisor Alliance now owns 10,615 shares of the company's stock valued at $5,839,000 after acquiring an additional 728 shares during the period. SouthState Corp acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $39,000. Nuveen LLC acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $383,139,000. Finally, Aigen Investment Management LP acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $546,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.9%

Shares of Spotify Technology stock traded up $5.99 during trading hours on Wednesday, reaching $695.34. 1,359,771 shares of the company's stock were exchanged, compared to its average volume of 2,764,558. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The business has a fifty day moving average of $703.17 and a two-hundred day moving average of $633.91. The company has a market capitalization of $142.34 billion, a P/E ratio of 168.77, a price-to-earnings-growth ratio of 2.98 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the prior year, the company posted $1.33 EPS. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. KeyCorp decreased their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Oppenheimer upgraded shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective for the company in a research note on Thursday, July 24th. Finally, Pivotal Research lifted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Ten equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

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.