Vestmark Advisory Solutions Inc. Has $4.81 Million Stock Holdings in Spotify Technology $SPOT

Key Points

• Vestmark Advisory Solutions Inc. decreased its stake in Spotify Technology by 8.9%, selling 858 shares, leaving them with a total of 8,740 shares valued at approximately $4.8 million.
• Several institutional investors have increased their holdings in Spotify, with Goldman Sachs raising its stake by a notable 1,151%, acquiring an additional 1.6 million shares.
• Spotify recently reported a loss of $0.42 EPS for the quarter, missing expectations, despite revenue of $4.94 billion which surpassed analyst estimates.

Vestmark Advisory Solutions Inc. reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,740 shares of the company's stock after selling 858 shares during the period. Vestmark Advisory Solutions Inc.'s holdings in Spotify Technology were worth $4,807,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ground Swell Capital LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $226,000. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Spotify Technology by 89.6% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,739 shares of the company's stock valued at $2,607,000 after acquiring an additional 2,239 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Spotify Technology in the 1st quarter valued at approximately $1,270,000. Dagco Inc. acquired a new stake in Spotify Technology in the 1st quarter valued at $50,000. Finally, Central Asset Investments & Management Holdings HK Ltd grew its position in Spotify Technology by 68.9% in the 1st quarter. Central Asset Investments & Management Holdings HK Ltd now owns 1,226 shares of the company's stock valued at $674,000 after purchasing an additional 500 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 4.8%

Shares of SPOT stock traded up $33.24 on Friday, reaching $731.74. 3,005,192 shares of the company's stock were exchanged, compared to its average volume of 2,796,766. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The stock has a market capitalization of $149.79 billion, a PE ratio of 177.61, a P/E/G ratio of 3.17 and a beta of 1.69. The company's fifty day simple moving average is $703.27 and its 200 day simple moving average is $637.83.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data 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). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the company earned $1.33 earnings per share. The company's quarterly revenue was up 10.1% on a year-over-year basis. As a group, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Rosenblatt Securities dropped their price objective on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Barclays dropped their price target on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. UBS Group cut their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Finally, DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a report on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $718.90.

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.