Spotify Technology S.A. (NYSE:SPOT) is Tremblant Capital Group's 4th Largest Position

Tremblant Capital Group cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 24.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,260 shares of the company's stock after selling 39,489 shares during the quarter. Spotify Technology accounts for about 5.8% of Tremblant Capital Group's investment portfolio, making the stock its 4th largest holding. Tremblant Capital Group owned approximately 0.06% of Spotify Technology worth $55,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. GQG Partners LLC bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $619,600,000. Geode Capital Management LLC raised its position 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 acquiring an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new position in Spotify Technology during the 4th quarter valued at approximately $396,028,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on SPOT shares. Canaccord Genuity Group raised their price objective on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Tuesday. Guggenheim raised their price objective on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Redburn Atlantic started coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. Evercore ISI reduced their price objective on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Robert W. Baird raised their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $609.07.

Spotify Technology Stock Down 2.4%

SPOT traded down $15.91 during trading on Wednesday, reaching $642.70. The company's stock had a trading volume of 2,155,928 shares, compared to its average volume of 2,200,331. The firm has a fifty day simple moving average of $591.90 and a two-hundred day simple moving average of $538.05. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $669.00. The company has a market cap of $131.56 billion, a price-to-earnings ratio of 108.02 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, equities analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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.