Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 19.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,399 shares of the company's stock after selling 13,186 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Spotify Technology were worth $29,955,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Transcend Capital Advisors LLC raised its holdings in Spotify Technology by 61.3% during the 1st quarter. Transcend Capital Advisors LLC now owns 1,897 shares of the company's stock worth $1,043,000 after buying an additional 721 shares during the period. Beacon Financial Advisory LLC acquired a new stake in Spotify Technology during the 1st quarter worth about $221,000. Board of the Pension Protection Fund acquired a new stake in Spotify Technology during the 1st quarter worth about $1,210,000. CNB Bank acquired a new stake in Spotify Technology during the 1st quarter worth about $304,000. Finally, PDS Planning Inc raised its holdings in Spotify Technology by 62.7% during the 1st quarter. PDS Planning Inc now owns 1,059 shares of the company's stock worth $582,000 after buying an additional 408 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.
Spotify Technology Stock Down 0.4%
SPOT stock traded down $3.39 during midday trading on Friday, hitting $772.52. 2,792,218 shares of the company traded hands, compared to its average volume of 2,208,809. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00. The business has a 50 day simple moving average of $664.99 and a 200-day simple moving average of $584.00. The stock has a market capitalization of $158.14 billion, a price-to-earnings ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68.
Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the business earned $0.97 EPS. The company's revenue for the quarter was up 15.2% on a year-over-year basis. Equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.
Analyst Ratings Changes
SPOT has been the topic of several recent analyst reports. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. Robert W. Baird boosted their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Pivotal Research boosted their price objective on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $654.93.
Check Out Our Latest Research Report on Spotify Technology
Spotify Technology Company Profile
(
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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