Tairen Capital Ltd Sells 15,800 Shares of Spotify Technology S.A. (NYSE:SPOT)

Tairen Capital Ltd decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 35.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,200 shares of the company's stock after selling 15,800 shares during the period. Spotify Technology accounts for 1.9% of Tairen Capital Ltd's portfolio, making the stock its 17th largest position. Tairen Capital Ltd's holdings in Spotify Technology were worth $13,063,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Quent Capital LLC increased its stake in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $52,000. Colonial Trust Co SC increased its stake in shares of Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company's stock valued at $55,000 after purchasing an additional 111 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $56,000. Institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPOT. Citigroup raised their price target 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. Evercore ISI reduced their price target on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Cantor Fitzgerald reduced their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Morgan Stanley raised their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Finally, UBS Group reduced their price target on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $606.48.

Spotify Technology Trading Up 2.5%

NYSE:SPOT opened at $656.02 on Friday. The company has a market capitalization of $134.29 billion, a P/E ratio of 110.26 and a beta of 1.72. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $663.55. The business's 50-day moving average is $585.62 and its 200 day moving average is $533.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter last year, the company earned $0.97 earnings per share. The company's revenue for the quarter was up 15.2% on a year-over-year basis. On average, research analysts forecast 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.

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