Spotify Technology (NYSE:SPOT) is Baillie Gifford & Co.'s 3rd Largest Position

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 stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent 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 period. Spotify Technology accounts for approximately 5.2% of Baillie Gifford & Co.'s portfolio, making the stock its 3rd biggest position. Baillie Gifford & Co. owned about 5.29% of Spotify Technology worth $5,961,765,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SPOT. Jennison Associates LLC raised its holdings in 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 buying an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after buying an additional 112,553 shares during the period. FMR LLC raised its holdings in Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after buying an additional 473,569 shares during the period. Schroder Investment Management Group raised its holdings in Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after buying an additional 7,075 shares during the period. Finally, Geode Capital Management LLC raised its holdings in 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 buying an additional 1,259,183 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 1.7%

SPOT traded up $11.43 on Friday, reaching $692.85. The company's stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. The stock has a 50 day moving average of $701.36 and a two-hundred day moving average of $618.42. The company has a market capitalization of $141.83 billion, a price-to-earnings ratio of 114.90, a P/E/G ratio of 1.84 and a beta of 1.68. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. Morgan Stanley boosted their price objective on shares of Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. KeyCorp lifted their target price on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Finally, Oppenheimer raised Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $727.52.

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.