Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Select Equity Group L.P.

Select Equity Group L.P. decreased its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 55.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,794 shares of the company's stock after selling 59,331 shares during the quarter. Select Equity Group L.P.'s holdings in Spotify Technology were worth $20,935,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Auxano Advisors LLC lifted its position in Spotify Technology by 2.5% during 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. lifted its position in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. Covenant Partners LLC raised its holdings in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after buying an additional 25 shares during the period. First Horizon Advisors Inc. raised its holdings in Spotify Technology by 5.4% during the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock valued at $225,000 after buying an additional 26 shares during the period. Finally, Harbour Investments Inc. raised its holdings in Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after buying an additional 26 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE SPOT traded down $6.10 during mid-day trading on Tuesday, reaching $658.52. 1,389,300 shares of the stock were exchanged, compared to its average volume of 2,195,813. The business's 50 day moving average is $588.18 and its 200-day moving average is $536.48. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $669.00. The company has a market capitalization of $134.80 billion, a P/E ratio of 110.68 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business's revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.97 earnings per share. Equities analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SPOT shares. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday, April 21st. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Finally, Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $609.07.

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.