WCM Investment Management LLC Trims Holdings in Spotify Technology (NYSE:SPOT)

WCM Investment Management LLC decreased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,378,875 shares of the company's stock after selling 410,408 shares during the period. Spotify Technology comprises approximately 4.9% of WCM Investment Management LLC's holdings, making the stock its 2nd biggest holding. WCM Investment Management LLC owned about 1.65% of Spotify Technology worth $1,896,089,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. GQG Partners LLC acquired a new position in Spotify Technology during the 4th quarter valued at about $800,725,000. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Norges Bank acquired a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $396,028,000. Janus Henderson Group PLC raised its holdings in shares of Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after acquiring an additional 861,232 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday. Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Evercore ISI increased their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Finally, Pivotal Research increased their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $660.28.

Spotify Technology Stock Up 1.7%

Spotify Technology stock traded up $12.29 during midday trading on Thursday, hitting $721.79. 862,537 shares of the stock were exchanged, compared to its average volume of 2,216,577. The company has a fifty day simple moving average of $674.07 and a two-hundred day simple moving average of $588.49. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The stock has a market capitalization of $147.76 billion, a PE ratio of 119.65, a P/E/G ratio of 1.90 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business earned $0.97 EPS. The firm's revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.