Jacobs Levy Equity Management Inc. Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Jacobs Levy Equity Management Inc. lowered its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 660,577 shares of the company's stock after selling 3,779 shares during the period. Spotify Technology makes up 1.0% of Jacobs Levy Equity Management Inc.'s investment portfolio, making the stock its 16th largest holding. Jacobs Levy Equity Management Inc. owned about 0.33% of Spotify Technology worth $295,529,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SPOT. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology in the fourth quarter worth about $27,000. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares during the last quarter. Noble Wealth Management PBC purchased a new position in Spotify Technology in the fourth quarter worth about $52,000. Colonial Trust Co SC raised its holdings in Spotify Technology by 1,009.1% in the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company's stock worth $55,000 after buying an additional 111 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Spotify Technology by 48.5% in the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after buying an additional 47 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $6.20 during midday trading on Wednesday, hitting $626.27. The company had a trading volume of 2,292,195 shares, compared to its average volume of 2,190,412. The company has a market cap of $128.20 billion, a price-to-earnings ratio of 105.26 and a beta of 1.72. Spotify Technology S.A. has a 12-month low of $288.07 and a 12-month high of $663.55. The company has a fifty day moving average of $579.61 and a two-hundred day moving average of $528.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.97 earnings per share. Research analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on SPOT. Citigroup lifted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Guggenheim lifted their target price on shares of Spotify Technology from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Monday. Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $606.48.

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.