Meeder Asset Management Inc. Decreases Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Meeder Asset Management Inc. significantly decreased its stake in Spotify Technology by 99.6%, retaining only 55 shares after selling 12,237 shares in the 1st quarter, with its holdings valued at $30,000.
• Other hedge funds have increased their positions in Spotify, with notable increases of 42.3% by Jennison Associates LLC and 561.6% by Geode Capital Management LLC, indicating a mixed sentiment among institutional investors.
• Spotify's latest earnings report missed analyst expectations with $1.13 EPS compared to the forecast of $2.29, despite revenue increasing by 15.2% year-over-year to $4.41 billion.

Meeder Asset Management Inc. trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 99.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 55 shares of the company's stock after selling 12,237 shares during the quarter. Meeder Asset Management Inc.'s holdings in Spotify Technology were worth $30,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares during the last quarter. Northern Trust Corp raised its position in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after purchasing an additional 726,245 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Spotify Technology by 75,856.5% in the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after purchasing an additional 716,844 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $626.44 on Friday. The business's 50 day moving average price is $701.27 and its 200-day moving average price is $622.44. The firm has a market capitalization of $128.24 billion, a price-to-earnings ratio of 152.05, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68. Spotify Technology has a 1 year low of $300.57 and a 1 year 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 firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 EPS. On average, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Loop Capital increased their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. KeyCorp decreased their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Morgan Stanley decreased their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, the stock 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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