Zevenbergen Capital Investments LLC Cuts Position in Spotify Technology (NYSE:SPOT)

Key Points

• Zevenbergen Capital Investments LLC has decreased its stake in Spotify Technology by 3.4%, now owning approximately 0.08% of the company worth $87.8 million.
• Several analysts have raised their price targets for Spotify, with Bank of America setting a target of $900, indicating strong market confidence.
• Spotify reported a net revenue of $4.94 billion for the last quarter, beating estimates, but posted a loss of ($0.42) earnings per share, falling short of analysts’ expectations.

Zevenbergen Capital Investments LLC lessened its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 3.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 159,697 shares of the company's stock after selling 5,634 shares during the period. Spotify Technology makes up approximately 2.1% of Zevenbergen Capital Investments LLC's portfolio, making the stock its 17th biggest holding. Zevenbergen Capital Investments LLC owned 0.08% of Spotify Technology worth $87,838,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after buying an additional 41 shares during the last quarter. Tsfg LLC purchased a new position in shares of Spotify Technology in the 1st quarter worth approximately $28,000. North Star Investment Management Corp. boosted its stake in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $26,000. Finally, Copia Wealth Management purchased a new position in Spotify Technology in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Guggenheim increased their price objective on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Bank of America increased their price objective on Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Oppenheimer raised Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective for the company in a report on Thursday, July 24th. Finally, Cantor Fitzgerald increased their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Ten equities 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Up 2.9%

NYSE SPOT opened at $706.38 on Friday. The stock's 50-day simple moving average is $702.55 and its two-hundred day simple moving average is $630.93. Spotify Technology has a twelve month low of $319.07 and a twelve month high of $785.00. The company has a market capitalization of $144.60 billion, a price-to-earnings ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the previous year, the business earned $1.33 EPS. The company's revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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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