Spotify Technology (NYSE:SPOT) Position Trimmed by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS decreased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 91.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,300 shares of the company's stock after selling 13,300 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Spotify Technology were worth $715,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its stake in Spotify Technology by 3.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. FMR LLC increased its stake in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group increased its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after purchasing an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new stake in Spotify Technology during the fourth quarter valued at $800,725,000. Finally, Geode Capital Management LLC increased its stake in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE SPOT traded down $26.01 on Friday, hitting $694.90. 2,148,528 shares of the company were exchanged, compared to its average volume of 2,259,199. The company's 50 day moving average price is $695.14 and its 200-day moving average price is $608.01. The firm has a market capitalization of $142.25 billion, a P/E ratio of 115.24, a price-to-earnings-growth ratio of 1.88 and a beta of 1.68. Spotify Technology has a twelve month low of $290.13 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several analyst reports. KeyCorp boosted their price target on shares of Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Loop Capital boosted their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Evercore ISI lifted their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $701.31.

About Spotify Technology

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.