DekaBank Deutsche Girozentrale Trims Stock Holdings in Spotify Technology (NYSE:SPOT)

DekaBank Deutsche Girozentrale cut its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,683 shares of the company's stock after selling 5,394 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Spotify Technology were worth $30,178,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SPOT. GQG Partners LLC acquired a new position in Spotify Technology in the 4th quarter worth about $800,725,000. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Norges Bank purchased a new position in Spotify Technology during the fourth quarter worth about $396,028,000. Janus Henderson Group PLC boosted its position in shares of Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after purchasing an additional 861,232 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

SPOT stock traded down $12.77 during trading on Thursday, reaching $709.35. 1,337,466 shares of the company were exchanged, compared to its average volume of 2,222,207. The company has a 50-day moving average of $686.31 and a two-hundred day moving average of $597.48. The company has a market capitalization of $145.21 billion, a price-to-earnings ratio of 117.64, a P/E/G ratio of 1.90 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00.

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

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent analyst reports. KeyCorp decreased their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Benchmark lifted their price target on shares of Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a research note on Thursday. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Finally, Guggenheim lifted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $681.27.

Spotify Technology Company Profile

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.