GQG Partners LLC Decreases Position in Spotify Technology (NYSE:SPOT)

Key Points

• GQG Partners LLC significantly reduced its stake in Spotify Technology by 54.6%, now holding approximately 0.40% of the company with a value of $446.7 million.
• Multiple hedge funds increased their investments in Spotify Technology, with Townsquare Capital LLC raising its position by an impressive 437.0% in the last quarter.
• Despite a loss of $0.42 per share reported for the last quarter, Spotify's revenue grew by 10.1% year-over-year, reaching $4.94 billion.

GQG Partners LLC lowered its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 54.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 812,139 shares of the company's stock after selling 977,670 shares during the period. GQG Partners LLC owned approximately 0.40% of Spotify Technology worth $446,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in SPOT. Bank of Nova Scotia boosted its position in Spotify Technology by 36.4% in the 4th quarter. Bank of Nova Scotia now owns 750 shares of the company's stock valued at $336,000 after buying an additional 200 shares during the period. Townsquare Capital LLC lifted its position in Spotify Technology by 437.0% in the fourth quarter. Townsquare Capital LLC now owns 5,338 shares of the company's stock valued at $2,388,000 after acquiring an additional 4,344 shares during the last quarter. Savvy Advisors Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $225,000. Mariner LLC raised its holdings in shares of Spotify Technology by 6.4% in the fourth quarter. Mariner LLC now owns 16,362 shares of the company's stock valued at $7,320,000 after buying an additional 979 shares during the last quarter. Finally, Guggenheim Capital LLC raised its holdings in shares of Spotify Technology by 16.3% in the fourth quarter. Guggenheim Capital LLC now owns 16,133 shares of the company's stock valued at $7,218,000 after buying an additional 2,263 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Up 0.0%

NYSE SPOT opened at $689.27 on Wednesday. The stock has a market capitalization of $141.10 billion, a PE ratio of 167.30, a price-to-earnings-growth ratio of 2.98 and a beta of 1.69. The company has a 50 day moving average price of $703.29 and a two-hundred day moving average price of $633.48. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00.

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

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. Bank of America boosted their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Oppenheimer raised shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price target on the stock in a report on Thursday, July 24th. UBS Group reduced their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Sanford C. Bernstein upped their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Pivotal Research increased their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology 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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