Spotify Technology (NYSE:SPOT) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has reduced its stake in Spotify Technology by 6.8%, holding 56,168 shares valued at approximately $30.89 million.
• A significant number of institutional investors are investing in Spotify, with Jennison Associates LLC raising its stake by 42.3% in the first quarter, now owning over 4 million shares valued at $2.34 billion.
• Spotify's stock currently holds a consensus rating of "Moderate Buy" from analysts, with an average price target of $718.90, following various recent upgrades and downgrades from different research firms.

US Bancorp DE cut its position in Spotify Technology (NYSE:SPOT - Free Report) by 6.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,168 shares of the company's stock after selling 4,067 shares during the period. US Bancorp DE's holdings in Spotify Technology were worth $30,894,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of SPOT. Jennison Associates LLC grew its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. Northern Trust Corp grew its position in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after buying an additional 726,245 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Spotify Technology by 75,856.5% in the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after buying an additional 716,844 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Spotify Technology by 311.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 842,745 shares of the company's stock valued at $377,027,000 after buying an additional 638,047 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. UBS Group dropped their target price on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Bank of America increased their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Morgan Stanley decreased their price target on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, Guggenheim increased their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Down 1.7%

Shares of SPOT traded down $11.52 during trading hours on Tuesday, reaching $647.08. The company had a trading volume of 2,131,231 shares, compared to its average volume of 2,624,679. The firm has a 50 day simple moving average of $700.81 and a 200-day simple moving average of $626.67. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The company has a market capitalization of $132.46 billion, a price-to-earnings ratio of 157.06, a PEG ratio of 2.85 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The business had revenue of $4.94 billion for the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. Sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current 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.