Zweig DiMenna Associates LLC Has $13.22 Million Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Zweig DiMenna Associates LLC reduced its stake in Spotify Technology by 19.5%, selling 5,820 shares, which now constitutes 2.1% of their portfolio.
• Several institutional investors, including Jennison Associates LLC and FMR LLC, increased their holdings in Spotify during the 1st quarter, suggesting strengthened interest in the stock.
• Spotify reported earnings of $1.13 per share, missing estimates, but revenue grew by 15.2% year-over-year to $4.41 billion.

Zweig DiMenna Associates LLC cut its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,030 shares of the company's stock after selling 5,820 shares during the period. Spotify Technology makes up approximately 2.1% of Zweig DiMenna Associates LLC's investment portfolio, making the stock its 13th largest holding. Zweig DiMenna Associates LLC's holdings in Spotify Technology were worth $13,217,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $281,000. Thrivent Financial for Lutherans raised its position in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares during the period. LPL Financial LLC raised its position in shares of Spotify Technology by 32.5% during the fourth quarter. LPL Financial LLC now owns 83,364 shares of the company's stock worth $37,295,000 after purchasing an additional 20,426 shares during the period. Vanguard Group Inc. raised its position in shares of Spotify Technology by 28.9% during the fourth quarter. Vanguard Group Inc. now owns 885,795 shares of the company's stock worth $396,287,000 after purchasing an additional 198,718 shares during the period. Finally, Congress Wealth Management LLC DE raised its position in shares of Spotify Technology by 51.0% during the fourth quarter. Congress Wealth Management LLC DE now owns 992 shares of the company's stock worth $444,000 after purchasing an additional 335 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.7%

Shares of NYSE SPOT traded up $11.43 during midday trading on Friday, hitting $692.85. 1,756,975 shares of the company's stock were exchanged, compared to its average volume of 1,713,343. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The company's 50 day moving average price is $701.36 and its 200 day moving average price is $618.42. The firm has a market capitalization of $141.83 billion, a PE ratio of 114.90, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The business's revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SPOT. Canaccord Genuity Group increased their target price on Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, Rosenblatt Securities lowered their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $727.52.

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.