Spotify Technology (NYSE:SPOT) Shares Sold by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. reduced its stake in Spotify Technology by 42.5%, now holding 54,102 shares after selling 39,970 shares, making Spotify approximately 1.6% of its investment portfolio.
• Multiple hedge funds increased their holdings in Spotify, with Wealth Enhancement Advisory Services LLC showing a notable increase of 238.8%, now owning 25,441 shares worth $13,993,000.
• Spotify's price target estimates have varied, with Wells Fargo raising it to $750.00 and Goldman Sachs to $775.00, while the average target price is now $718.90 with a consensus rating of "Moderate Buy."

Coronation Fund Managers Ltd. trimmed its position in Spotify Technology (NYSE:SPOT - Free Report) by 42.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,102 shares of the company's stock after selling 39,970 shares during the period. Spotify Technology accounts for about 1.6% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 23rd biggest holding. Coronation Fund Managers Ltd.'s holdings in Spotify Technology were worth $29,758,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. QRG Capital Management Inc. grew its stake in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after purchasing an additional 189 shares in the last quarter. GAMMA Investing LLC grew its stake in Spotify Technology by 38.1% in the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares in the last quarter. Fifth Third Bancorp grew its stake in Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after purchasing an additional 71 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Spotify Technology by 238.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock worth $13,993,000 after purchasing an additional 17,932 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SPOT. Wells Fargo & Company lifted their price target on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group lifted their target price on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. UBS Group decreased their target price on Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Rosenblatt Securities decreased their target price on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Finally, Cantor Fitzgerald lifted their target price on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $706.38 on Friday. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The stock has a market cap of $144.60 billion, a price-to-earnings ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. The stock's 50 day moving average price is $702.55 and its 200 day moving average price is $630.93.

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 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 firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the firm earned $1.33 EPS. Spotify Technology's revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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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