Parkwood LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 3.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,470 shares of the company's stock after selling 882 shares during the quarter. Parkwood LLC's holdings in Spotify Technology were worth $10,053,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth approximately $1,335,575,000. GQG Partners LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth $800,725,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $619,600,000. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $396,028,000. 84.09% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Guggenheim lifted their price objective on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Monday. Macquarie lifted their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. FBN Securities started coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Finally, Evercore ISI decreased their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $606.48.
Check Out Our Latest Research Report on SPOT
Spotify Technology Trading Down 0.2%
SPOT opened at $619.69 on Wednesday. The company has a market capitalization of $126.85 billion, a price-to-earnings ratio of 104.15 and a beta of 1.72. Spotify Technology S.A. has a 12-month low of $286.21 and a 12-month high of $663.55. The business's fifty day simple moving average is $577.70 and its 200-day simple moving average is $528.25.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business 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 firm's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. On average, equities research analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.
Spotify Technology Company Profile
(
Free Report)
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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