LGT Group Foundation Reduces Position in Spotify Technology (NYSE:SPOT)

Key Points

• LGT Group Foundation reduced its holdings in Spotify Technology by 17.2%, now owning 7,596 shares valued at $4,178,000.
• Several large investors, including Bank of Nova Scotia and Townsquare Capital, have significantly increased their stakes in Spotify Technology during the fourth quarter.
• Spotify reported a loss of $0.42 per share for its latest quarter, missing analysts' expectations, despite achieving revenue of $4.94 billion.

LGT Group Foundation lowered its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,596 shares of the company's stock after selling 1,579 shares during the quarter. LGT Group Foundation's holdings in Spotify Technology were worth $4,178,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter valued at $26,000. Tsfg LLC bought a new position in Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management bought a new position in Spotify Technology in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC grew its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares during the period. Finally, North Star Investment Management Corp. grew its stake in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. Institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price objective on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Benchmark dropped their price target on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Wells Fargo & Company upped their price target on Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Rosenblatt Securities dropped their price target on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. Finally, Bank of America upped their price target on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Up 4.8%

Shares of Spotify Technology stock traded up $33.24 during trading on Friday, hitting $731.74. 3,005,192 shares of the stock traded hands, compared to its average volume of 2,328,602. The stock has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a PEG ratio of 3.01 and a beta of 1.69. The firm's fifty day moving average is $702.88 and its 200-day moving average is $635.18. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00.

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

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.