Legacy Capital Group California Inc. Sells 5,269 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Legacy Capital Group California Inc. reduced its holdings in Spotify Technology by 74.0%, ending the first quarter with a position valued at approximately $1.02 million.
• Despite Legacy Capital's pullback, other investors like Wedbush Securities Inc. and FMR LLC increased their stakes in Spotify, highlighting ongoing institutional interest in the company.
• Spotify's stock performance reveals a 52-week range from $319.07 to $785.00, with a market capitalization of $132.46 billion and a recent earnings miss of ($0.42) per share.

Legacy Capital Group California Inc. reduced its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 74.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,847 shares of the company's stock after selling 5,269 shares during the quarter. Legacy Capital Group California Inc.'s holdings in Spotify Technology were worth $1,016,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Janus Henderson Group PLC raised its stake in Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after acquiring an additional 861,232 shares during the period. Northern Trust Corp lifted its stake in Spotify Technology by 103.7% in the fourth 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 during the last quarter. GAMMA Investing LLC raised its holdings in shares of Spotify Technology by 75,856.5% during the first quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after buying an additional 716,844 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Spotify Technology by 311.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 842,745 shares of the company's stock worth $377,027,000 after purchasing an additional 638,047 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. KeyCorp dropped their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Morgan Stanley decreased their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Robert W. Baird boosted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Pivotal Research boosted their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Finally, Evercore ISI raised their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $26.62 during midday trading on Friday, reaching $713.36. 390,037 shares of the company traded hands, compared to its average volume of 2,337,378. The stock's 50-day simple moving average is $701.76 and its 200-day simple moving average is $628.47. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The firm has a market cap of $146.03 billion, a PE ratio of 173.17, a PEG ratio of 2.89 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly 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). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the business earned $1.33 earnings per share. The company's revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.