Spotify Technology (NYSE:SPOT) Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC has reduced its stake in Spotify Technology by 19.5%, selling 19,095 shares and holding 78,698 shares worth approximately $43.3 million as of the latest SEC filing.
• Several institutions have increased their holdings in Spotify, with Jennison Associates LLC's stake growing by 42.3% and Geode Capital Management LLC boosting its position by a remarkable 561.6%.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Spotify Technology, with price targets significantly raised by various firms, the highest reaching $840.00.

ARK Investment Management LLC cut its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,698 shares of the company's stock after selling 19,095 shares during the quarter. ARK Investment Management LLC's holdings in Spotify Technology were worth $43,286,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Bearing Point Capital LLC bought a new position in shares of Spotify Technology in the first quarter valued at $3,515,000. HB Wealth Management LLC raised its holdings in shares of Spotify Technology by 45.6% in the first quarter. HB Wealth Management LLC now owns 2,505 shares of the company's stock valued at $1,378,000 after purchasing an additional 784 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Spotify Technology by 5.3% in the first quarter. TD Asset Management Inc now owns 266,221 shares of the company's stock valued at $146,430,000 after purchasing an additional 13,507 shares during the last quarter. Mediolanum International Funds Ltd raised its holdings in shares of Spotify Technology by 4.0% in the first quarter. Mediolanum International Funds Ltd now owns 47,251 shares of the company's stock valued at $26,515,000 after purchasing an additional 1,799 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Spotify Technology in the first quarter valued at about $228,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 3.8%

Shares of SPOT stock traded up $23.53 during trading hours on Wednesday, hitting $643.54. 3,533,234 shares of the company's stock were exchanged, compared to its average volume of 2,314,970. The firm has a market cap of $131.74 billion, a P/E ratio of 106.72, a P/E/G ratio of 1.89 and a beta of 1.68. The firm has a 50 day moving average of $701.34 and a two-hundred day moving average of $621.08. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.97 earnings per share. On average, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Loop Capital raised their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a research note on Wednesday. Benchmark dropped their target price on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Finally, Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average 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.