Polen Capital Management LLC Sells 22,112 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Polen Capital Management LLC reduced its stake in Spotify Technology by 36.3%, selling 22,112 shares, and now holds 38,749 shares valued at approximately $21.3 million.
• Spotify Technology's stock has a market cap of $144.60 billion and is currently trading at around $706.38, with a fifty-two week range between $319.07 and $785.00.
• The company reported a loss of ($0.42) EPS in its latest earnings call, falling short of the consensus estimate, despite revenue increasing by 10.1% year-over-year.

Polen Capital Management LLC trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 36.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,749 shares of the company's stock after selling 22,112 shares during the quarter. Polen Capital Management LLC's holdings in Spotify Technology were worth $21,313,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SPOT. Bank of Nova Scotia raised its position in shares of Spotify Technology by 36.4% during the fourth quarter. Bank of Nova Scotia now owns 750 shares of the company's stock worth $336,000 after purchasing an additional 200 shares during the period. Martingale Asset Management L P raised its position in shares of Spotify Technology by 13.3% during the fourth quarter. Martingale Asset Management L P now owns 735 shares of the company's stock worth $329,000 after purchasing an additional 86 shares during the period. Covestor Ltd raised its position in shares of Spotify Technology by 77.8% during the fourth quarter. Covestor Ltd now owns 352 shares of the company's stock worth $158,000 after purchasing an additional 154 shares during the period. Sterling Capital Management LLC raised its position in shares of Spotify Technology by 6.5% during the fourth quarter. Sterling Capital Management LLC now owns 6,253 shares of the company's stock worth $2,797,000 after purchasing an additional 384 shares during the period. Finally, Townsquare Capital LLC raised its position in Spotify Technology by 437.0% in the 4th quarter. Townsquare Capital LLC now owns 5,338 shares of the company's stock valued at $2,388,000 after buying an additional 4,344 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT opened at $706.38 on Friday. The business has a 50-day moving average of $702.55 and a 200 day moving average of $630.93. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The firm has a market cap of $144.60 billion, a P/E ratio of 171.45, a price-to-earnings-growth ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the business earned $1.33 EPS. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of analyst reports. Rosenblatt Securities lowered their price target on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Morgan Stanley lowered their price target on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Barclays lowered their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research report on Monday, April 21st. Finally, Bank of America increased their price target on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus 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.

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.