Lbp Am Sa Sells 73,976 Shares of Spotify Technology (NYSE:SPOT)

Lbp Am Sa reduced its position in Spotify Technology (NYSE:SPOT - Free Report) by 88.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,015 shares of the company's stock after selling 73,976 shares during the period. Lbp Am Sa's holdings in Spotify Technology were worth $5,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group grew its holdings in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC purchased a new position in Spotify Technology during the 4th quarter valued at about $800,725,000. Geode Capital Management LLC grew its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after buying an additional 726,245 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $721.25 on Thursday. The stock has a market capitalization of $147.64 billion, a P/E ratio of 119.61, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. The company has a 50 day moving average price of $686.31 and a 200 day moving average price of $597.48. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates 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 quarter last year, the firm posted $0.97 EPS. On average, research analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. DZ Bank lowered Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday, June 13th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Barclays boosted their price objective on Spotify Technology from $650.00 to $800.00 and gave the stock an "overweight" rating in a report on Wednesday. The Goldman Sachs Group boosted their price objective on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Bank of America boosted their target price on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $671.27.

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.