Spotify Technology (NYSE:SPOT) Shares Sold by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. has reduced its holdings in Spotify Technology by 17.6%, owning approximately 10.8 million shares after selling over 2.3 million shares this quarter.
• Multiple analysts have increased their price targets for Spotify, with Wells Fargo setting it at $740 and UBS at $895, indicating a positive outlook for the stock.
• Spotify reported a revenue of $4.41 billion for the quarter, surpassing expectations, although its earnings per share missed consensus estimates by over $1.

Baillie Gifford & Co. lessened its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,838,982 shares of the company's stock after selling 2,318,712 shares during the quarter. Spotify Technology comprises about 5.2% of Baillie Gifford & Co.'s investment portfolio, making the stock its 3rd largest position. Baillie Gifford & Co. owned approximately 5.29% of Spotify Technology worth $5,961,765,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $26,000. Tsfg LLC bought a new stake in shares of Spotify Technology in the first quarter worth about $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the fourth quarter worth about $29,000. Cornerstone Planning Group LLC increased its holdings in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. increased its holdings in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SPOT. Cantor Fitzgerald increased their price objective on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective for the company in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. KeyCorp increased their price objective on Spotify Technology from $640.00 to $860.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Finally, Loop Capital increased their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $727.52.

Spotify Technology Price Performance

SPOT traded down $73.59 during trading on Tuesday, hitting $627.39. The stock had a trading volume of 7,972,936 shares, compared to its average volume of 2,278,701. The company has a 50 day moving average price of $702.10 and a 200-day moving average price of $621.08. The firm has a market cap of $128.43 billion, a price-to-earnings ratio of 104.04, a P/E/G ratio of 1.87 and a beta of 1.68. Spotify Technology has a one year low of $300.57 and a one year high of $785.00.

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