K.J. Harrison & Partners Inc Sells 4,100 Shares of Spotify Technology (NYSE:SPOT)

K.J. Harrison & Partners Inc decreased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 41.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,900 shares of the company's stock after selling 4,100 shares during the quarter. K.J. Harrison & Partners Inc's holdings in Spotify Technology were worth $3,245,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Colonial River Investments LLC raised its stake in Spotify Technology by 8.1% during the first quarter. Colonial River Investments LLC now owns 1,915 shares of the company's stock valued at $1,053,000 after purchasing an additional 144 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Spotify Technology by 5.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 684,259 shares of the company's stock valued at $376,363,000 after purchasing an additional 36,799 shares in the last quarter. Tsfg LLC purchased a new stake in Spotify Technology during the first quarter valued at $28,000. Highland Capital Management LLC raised its stake in Spotify Technology by 97.5% during the first quarter. Highland Capital Management LLC now owns 3,841 shares of the company's stock valued at $2,113,000 after purchasing an additional 1,896 shares in the last quarter. Finally, Jag Capital Management LLC raised its stake in Spotify Technology by 22.9% during the first quarter. Jag Capital Management LLC now owns 35,383 shares of the company's stock valued at $19,462,000 after purchasing an additional 6,585 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $772.52 on Friday. The company has a market capitalization of $158.14 billion, a price-to-earnings ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68. The company's 50-day simple moving average is $664.99 and its two-hundred day simple moving average is $584.00. Spotify Technology has a one year low of $288.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. Equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Canaccord Genuity Group reissued a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $654.93.

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.

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