Harvest Fund Management Co. Ltd Sells 1,669 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Harvest Fund Management Co. Ltd has reduced its stake in Spotify Technology by 24.0%, selling 1,669 shares and now holding a total of 5,295 shares valued at approximately $2.9 million.
• Analysts have recently upgraded Spotify's ratings, with price objectives ranging from $550.00 to $840.00, indicating a consensus average target of $727.52 for the stock.
• Spotify reported a quarterly loss of ($0.48) per share, significantly missing the consensus estimate of $2.34, with analysts predicting 10.3 earnings per share for the current year.

Harvest Fund Management Co. Ltd trimmed its stake in Spotify Technology (NYSE:SPOT - Free Report) by 24.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,295 shares of the company's stock after selling 1,669 shares during the period. Harvest Fund Management Co. Ltd's holdings in Spotify Technology were worth $2,913,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in Spotify Technology during the first quarter valued at approximately $655,000. GSA Capital Partners LLP grew its position in Spotify Technology by 161.2% during the first quarter. GSA Capital Partners LLP now owns 4,239 shares of the company's stock valued at $2,332,000 after acquiring an additional 2,616 shares during the last quarter. Federated Hermes Inc. grew its position in Spotify Technology by 1.2% during the first quarter. Federated Hermes Inc. now owns 554,124 shares of the company's stock valued at $304,785,000 after acquiring an additional 6,455 shares during the last quarter. TCTC Holdings LLC grew its position in Spotify Technology by 24.8% during the first quarter. TCTC Holdings LLC now owns 131 shares of the company's stock valued at $72,000 after acquiring an additional 26 shares during the last quarter. Finally, Fiera Capital Corp grew its position in Spotify Technology by 30.8% during the first quarter. Fiera Capital Corp now owns 8,366 shares of the company's stock valued at $4,602,000 after acquiring an additional 1,969 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 4.8%

Spotify Technology stock traded up $29.56 on Wednesday, hitting $649.57. 5,864,886 shares of the stock traded hands, compared to its average volume of 2,103,503. The firm has a market cap of $132.97 billion, a P/E ratio of 157.66, a price-to-earnings-growth ratio of 1.67 and a beta of 1.68. The business's fifty day simple moving average is $701.48 and its 200 day simple moving average is $621.28. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly 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). Spotify Technology had a net margin of 4.76% and a return on equity of 14.62%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. As a group, analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target on the stock in a research report on Wednesday. Bank of America raised their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a report on Monday, April 21st. Cantor Fitzgerald raised their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Finally, Morgan Stanley cut their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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.