Handelsbanken Fonder AB Sells 14,817 Shares of Spotify Technology S.A. (NYSE:SPOT)

Handelsbanken Fonder AB trimmed its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 17.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,859 shares of the company's stock after selling 14,817 shares during the period. Handelsbanken Fonder AB's holdings in Spotify Technology were worth $37,875,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SPOT. Avanza Fonder AB acquired a new position in shares of Spotify Technology during the first quarter valued at $1,246,000. Abacus FCF Advisors LLC grew its position in shares of Spotify Technology by 75.5% during the 1st quarter. Abacus FCF Advisors LLC now owns 31,028 shares of the company's stock worth $17,066,000 after buying an additional 13,347 shares during the period. Accurate Wealth Management LLC lifted its holdings in Spotify Technology by 129.6% in the first quarter. Accurate Wealth Management LLC now owns 2,172 shares of the company's stock valued at $1,181,000 after buying an additional 1,226 shares during the period. GAMMA Investing LLC grew its holdings in Spotify Technology by 38.1% during the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after acquiring an additional 360 shares during the period. Finally, Yousif Capital Management LLC raised its position in shares of Spotify Technology by 5.3% during the 1st quarter. Yousif Capital Management LLC now owns 7,223 shares of the company's stock valued at $3,973,000 after acquiring an additional 365 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.4%

Shares of SPOT traded down $9.58 during midday trading on Thursday, hitting $699.56. The company's stock had a trading volume of 500,220 shares, compared to its average volume of 2,206,348. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $717.87. The stock has a market capitalization of $143.20 billion, a price-to-earnings ratio of 117.57 and a beta of 1.68. The company's fifty day simple moving average is $622.37 and its two-hundred day simple moving average is $562.99.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.97 earnings per share. On average, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SPOT. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Guggenheim restated a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Finally, Macquarie increased their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $611.14.

About Spotify Technology

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.