Marcho Partners LLP reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,198 shares of the company's stock after selling 6,830 shares during the period. Spotify Technology accounts for about 7.5% of Marcho Partners LLP's portfolio, making the stock its 7th largest holding. Marcho Partners LLP's holdings in Spotify Technology were worth $20,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $26,000. Tsfg LLC acquired a new position in Spotify Technology in the first quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in Spotify Technology in the fourth quarter valued at approximately $29,000. Cornerstone Planning Group LLC lifted its holdings 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 during the last quarter. Finally, North Star Investment Management Corp. lifted its stake in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have commented on SPOT shares. KeyCorp decreased their price target on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Macquarie upped their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Rosenblatt Securities decreased their price target on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 30th. Cantor Fitzgerald upped their price target on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Finally, Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $718.90.
Get Our Latest Report on SPOT
Spotify Technology Price Performance
Shares of Spotify Technology stock traded up $33.24 on Friday, hitting $731.74. The company had a trading volume of 3,005,192 shares, compared to its average volume of 2,753,961. The firm has a market capitalization of $149.79 billion, a P/E ratio of 169.54, a P/E/G ratio of 3.02 and a beta of 1.69. Spotify Technology has a twelve month low of $319.07 and a twelve month high of $785.00. The stock has a 50-day moving average of $702.88 and a 200-day moving average of $635.18.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (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 last year, the company posted $1.33 earnings per share. The business's revenue was up 10.1% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 10.3 EPS for the current year.
Spotify Technology Profile
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Free Report)
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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