Gateway Investment Advisers LLC Sells 899 Shares of Spotify Technology S.A. (NYSE:SPOT)

Gateway Investment Advisers LLC lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 10.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,378 shares of the company's stock after selling 899 shares during the quarter. Gateway Investment Advisers LLC's holdings in Spotify Technology were worth $4,058,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its holdings in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Marks Group Wealth Management Inc bought a new stake in Spotify Technology in the fourth quarter valued at about $535,000. Steward Partners Investment Advisory LLC increased its holdings in Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares during the last quarter. WealthPlan Investment Management LLC bought a new stake in Spotify Technology in the fourth quarter valued at about $217,000. Finally, Amundi increased its holdings in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SPOT shares. Wells Fargo & Company boosted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Loop Capital boosted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. FBN Securities started coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price for the company. Finally, Rosenblatt Securities decreased their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $712.24 on Friday. The stock has a 50 day moving average price of $612.90 and a 200 day moving average price of $558.90. Spotify Technology S.A. has a 52 week low of $288.07 and a 52 week high of $717.87. The stock has a market capitalization of $145.80 billion, a PE ratio of 119.70 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the business earned $0.97 earnings per share. The business's quarterly revenue was up 15.2% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current year.

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.

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