Perpetual Ltd Lowers Position in Spotify Technology (NYSE:SPOT)

Perpetual Ltd lowered its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 29.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 358,493 shares of the company's stock after selling 151,527 shares during the period. Spotify Technology accounts for approximately 2.4% of Perpetual Ltd's portfolio, making the stock its 8th largest holding. Perpetual Ltd owned 0.18% of Spotify Technology worth $197,182,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SPOT. Adero Partners LLC grew its stake in Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after acquiring an additional 19 shares in the last quarter. North Star Investment Management Corp. grew its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares in the last quarter. Auxano Advisors LLC grew its position in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after purchasing an additional 20 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after purchasing an additional 25 shares during the period. Finally, Covenant Partners LLC raised its position in shares of Spotify Technology by 2.5% in the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after buying an additional 25 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. FBN Securities assumed coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Macquarie upped their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. UBS Group reaffirmed an "overweight" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average price target of $647.52.

Spotify Technology Price Performance

NYSE SPOT opened at $775.84 on Friday. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $779.75. The stock has a market capitalization of $158.82 billion, a PE ratio of 128.66, a PEG ratio of 1.93 and a beta of 1.68. The business's 50-day moving average is $661.04 and its 200 day moving average is $581.19.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share 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.

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