Polar Capital Holdings Plc Sells 201,823 Shares of Spotify Technology S.A. (NYSE:SPOT)

Polar Capital Holdings Plc lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 33.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 403,758 shares of the company's stock after selling 201,823 shares during the quarter. Spotify Technology comprises about 1.0% of Polar Capital Holdings Plc's holdings, making the stock its 22nd biggest holding. Polar Capital Holdings Plc owned about 0.20% of Spotify Technology worth $180,633,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Auxano Advisors LLC increased its stake in Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after acquiring an additional 25 shares during the period. Covenant Partners LLC boosted its holdings in shares of Spotify Technology by 2.5% in the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Spotify Technology by 5.4% in the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock valued at $225,000 after acquiring an additional 26 shares during the period. Finally, Harbour Investments Inc. boosted its holdings in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after acquiring an additional 26 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Guggenheim increased their price target on Spotify Technology from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Phillip Securities raised Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Evercore ISI decreased their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $609.07.

Spotify Technology Stock Performance

SPOT traded down $5.53 during trading on Tuesday, reaching $659.09. 722,174 shares of the stock were exchanged, compared to its average volume of 2,190,443. The stock has a market cap of $134.92 billion, a P/E ratio of 110.76 and a beta of 1.72. Spotify Technology S.A. has a twelve month low of $288.07 and a twelve month high of $669.00. The stock's 50 day moving average price is $588.18 and its two-hundred day moving average price is $536.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm 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 earned $0.97 EPS. The company's revenue was up 15.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

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.