Lord Abbett & CO. LLC Sells 24,729 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Lord Abbett & CO. LLC reduced its stake in Spotify Technology by 4.3%, resulting in ownership of 554,580 shares, representing about 1.1% of its investment portfolio.
• Research analysts have generally upgraded their target prices for Spotify Technology, with Goldman Sachs raising it from $680 to $775 and Guggenheim increasing it from $725 to $840, reflecting a positive outlook.
• Despite reporting a loss of ($0.42) earnings per share, Spotify's revenue for the latest quarter reached $4.94 billion, surpassing analyst estimates of $4.29 billion.

Lord Abbett & CO. LLC lowered its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 554,580 shares of the company's stock after selling 24,729 shares during the period. Spotify Technology accounts for approximately 1.1% of Lord Abbett & CO. LLC's portfolio, making the stock its 12th largest holding. Lord Abbett & CO. LLC owned 0.27% of Spotify Technology worth $305,036,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. QRG Capital Management Inc. raised its position in shares of 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 buying an additional 189 shares in the last quarter. GAMMA Investing LLC raised its position in shares of 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 buying an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of 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 buying an additional 1,179 shares in the last quarter. Fifth Third Bancorp raised its position in shares of 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 buying an additional 71 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of 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 buying an additional 17,932 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 4.8%

Shares of Spotify Technology stock traded up $33.24 during trading on Friday, reaching $731.74. 3,005,192 shares of the stock were exchanged, compared to its average volume of 2,753,961. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The stock's fifty day moving average is $703.27 and its 200 day moving average is $637.23. The firm has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share 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%. The business's revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 earnings per share. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SPOT. UBS Group lowered their price objective on Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Guggenheim increased their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Sanford C. Bernstein increased their target price on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Macquarie increased their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

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.