Spotify Technology (NYSE:SPOT) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in Spotify Technology by 24.6%, trimming its holdings to 38,124 shares valued at about $20.97 million.
• Several investors have increased their positions in Spotify, with Cornerstone Planning Group LLC raising its stake by 512.5% in the first quarter.
• Spotify's stock received mixed ratings from analysts, with price targets ranging from $640.00 to $840.00, while the consensus rating remains a "Moderate Buy."

Mackenzie Financial Corp lowered its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 24.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,124 shares of the company's stock after selling 12,450 shares during the period. Mackenzie Financial Corp's holdings in Spotify Technology were worth $20,969,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares in the last quarter. Tsfg LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $28,000. North Star Investment Management Corp. raised its holdings in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $26,000. Finally, Copia Wealth Management purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Up 0.1%

Shares of SPOT traded up $0.61 on Friday, hitting $627.15. 2,529,175 shares of the stock traded hands, compared to its average volume of 2,387,677. The firm has a market capitalization of $128.38 billion, a P/E ratio of 152.22, a P/E/G ratio of 2.56 and a beta of 1.70. The stock's 50 day moving average is $700.71 and its two-hundred day moving average is $623.58. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results 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). The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 EPS. Research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Guggenheim upped their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Sanford C. Bernstein boosted their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. Robert W. Baird boosted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Finally, Evercore ISI boosted their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $718.90.

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.