Quantbot Technologies LP Trims Position in Spotify Technology $SPOT

Key Points

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Quantbot Technologies LP trimmed its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 22.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 9,362 shares of the company's stock after selling 2,766 shares during the period. Quantbot Technologies LP's holdings in Spotify Technology were worth $5,149,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Korea Investment CORP raised its holdings in shares of Spotify Technology by 4.0% in the first quarter. Korea Investment CORP now owns 121,623 shares of the company's stock valued at $66,896,000 after buying an additional 4,708 shares during the last quarter. Qtron Investments LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $889,000. Northern Trust Corp raised its holdings in shares of Spotify Technology by 10.3% in the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock valued at $866,012,000 after buying an additional 147,580 shares during the last quarter. Brooklyn Investment Group raised its holdings in shares of Spotify Technology by 30.7% in the first quarter. Brooklyn Investment Group now owns 260 shares of the company's stock valued at $143,000 after buying an additional 61 shares during the last quarter. Finally, Seven Mile Advisory raised its holdings in shares of Spotify Technology by 3.3% in the first quarter. Seven Mile Advisory now owns 1,458 shares of the company's stock valued at $802,000 after buying an additional 47 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several analyst reports. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. Cantor Fitzgerald increased their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Benchmark cut their price target on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Ten 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 data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $720.07.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $728.06 on Tuesday. The business's fifty day moving average price is $703.85 and its two-hundred day moving average price is $639.09. The stock has a market cap of $149.04 billion, a PE ratio of 176.71, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69. Spotify Technology has a one year low of $319.07 and a one year high of $785.00.

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