Man Group plc Sells 184,619 Shares of Spotify Technology S.A. (NYSE:SPOT)

Man Group plc cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 85.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,401 shares of the company's stock after selling 184,619 shares during the quarter. Man Group plc's holdings in Spotify Technology were worth $14,048,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter valued at approximately $27,000. Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $52,000. Colonial Trust Co SC boosted its holdings in shares of Spotify Technology by 1,009.1% in the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company's stock valued at $55,000 after buying an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $56,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.9%

Shares of NYSE:SPOT traded down $6.10 during trading on Tuesday, hitting $658.52. 1,389,300 shares of the company were exchanged, compared to its average volume of 2,195,813. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $669.00. The company has a market capitalization of $134.80 billion, a P/E ratio of 110.68 and a beta of 1.72. The business's 50 day moving average is $588.18 and its 200-day moving average is $536.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SPOT shares. Robert W. Baird upped their price target 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. UBS Group dropped their target price on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Canaccord Genuity Group lifted their price target on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $609.07.

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.