Jupiter Asset Management Ltd. Reduces Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Jupiter Asset Management Ltd. has significantly reduced its holdings in Spotify Technology by 45.4%, selling 6,565 shares and owning a total of 7,900 shares worth approximately $4,345,000.
• Despite the decrease in some institutional stakes, several other investors, such as Hartford Investment Management Co. and North Star Investment Management Corp., have increased their positions in Spotify Technology.
• Spotify reported a loss of $0.42 earnings per share for the last quarter, falling short of the expected profit, though it achieved revenue of $4.94 billion, surpassing estimates.

Jupiter Asset Management Ltd. decreased its position in Spotify Technology (NYSE:SPOT - Free Report) by 45.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,900 shares of the company's stock after selling 6,565 shares during the period. Jupiter Asset Management Ltd.'s holdings in Spotify Technology were worth $4,345,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Hartford Investment Management Co. lifted its stake in Spotify Technology by 1.1% in the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after purchasing an additional 16 shares during the last quarter. HM Payson & Co. lifted its position in shares of Spotify Technology by 39.1% during the first quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after acquiring an additional 18 shares in the last quarter. Adero Partners LLC lifted its position in shares of Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after acquiring an additional 19 shares in the last quarter. North Star Investment Management Corp. lifted its position in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares in the last quarter. Finally, Covenant Partners LLC lifted its position in shares of Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE SPOT opened at $627.15 on Monday. The stock has a market capitalization of $128.38 billion, a PE ratio of 152.22, a PEG ratio of 2.71 and a beta of 1.70. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00. The business's 50-day moving average is $700.71 and its 200 day moving average is $625.45.

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

Wall Street Analyst Weigh In

SPOT has been the topic of several recent research reports. Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. UBS Group dropped their target price on Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. KeyCorp dropped their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Evercore ISI increased their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Finally, Macquarie increased their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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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