Spyglass Capital Management LLC Sells 2,289 Shares of Spotify Technology S.A. (NYSE:SPOT)

Spyglass Capital Management LLC trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,121 shares of the company's stock after selling 2,289 shares during the period. Spotify Technology accounts for approximately 2.2% of Spyglass Capital Management LLC's holdings, making the stock its 23rd biggest position. Spyglass Capital Management LLC's holdings in Spotify Technology were worth $39,871,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company's stock valued at $14,586,000 after buying an additional 4,192 shares during the last quarter. Merit Financial Group LLC grew its position in shares of Spotify Technology by 243.7% during the 4th quarter. Merit Financial Group LLC now owns 3,248 shares of the company's stock worth $1,453,000 after buying an additional 2,303 shares during the period. HB Wealth Management LLC grew its position in shares of Spotify Technology by 49.4% during the 4th quarter. HB Wealth Management LLC now owns 1,721 shares of the company's stock worth $770,000 after buying an additional 569 shares during the period. Hanseatic Management Services Inc. grew its holdings in Spotify Technology by 11.9% during the fourth quarter. Hanseatic Management Services Inc. now owns 432 shares of the company's stock valued at $193,000 after purchasing an additional 46 shares during the period. Finally, Sandy Cove Advisors LLC boosted its holdings in shares of Spotify Technology by 7.9% in the fourth quarter. Sandy Cove Advisors LLC now owns 681 shares of the company's stock valued at $305,000 after buying an additional 50 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Barclays reduced their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Robert W. Baird raised their price target 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. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Finally, Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $609.07.

Spotify Technology Stock Down 1.0%

NYSE:SPOT traded down $6.13 during trading hours on Thursday, reaching $636.87. The company had a trading volume of 2,503,378 shares, compared to its average volume of 2,204,844. The firm has a market cap of $130.37 billion, a price-to-earnings ratio of 107.04 and a beta of 1.72. The business's 50-day simple moving average is $591.90 and its two-hundred day simple moving average is $538.05. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $669.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during 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 was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.97 EPS. As a group, equities analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current 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.