Strs Ohio Decreases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Strs Ohio decreased its position in Spotify Technology S.A. (NYSE:SPOT) by 21.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,363 shares of the company’s stock after selling 1,206 shares during the quarter. Strs Ohio’s holdings in Spotify Technology were worth $819,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SPOT. Wellington Management Group LLP increased its position in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after buying an additional 1,133,305 shares during the period. Schroder Investment Management Group grew its holdings in Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership grew its holdings in Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the period. Finally, Citigroup Inc. grew its holdings in Spotify Technology by 1,037.4% in the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after purchasing an additional 352,237 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SPOT shares. UBS Group upped their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday. Macquarie upped their target price on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research note on Monday. Bank of America upped their target price on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Pivotal Research upped their target price on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Trading Down 7.2 %

SPOT stock opened at $281.34 on Thursday. Spotify Technology S.A. has a 52 week low of $128.67 and a 52 week high of $319.30. The company has a fifty day simple moving average of $269.74 and a two-hundred day simple moving average of $217.24.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. The business had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business earned ($1.24) earnings per share. On average, equities analysts predict that Spotify Technology S.A. will post 3.52 EPS for the current fiscal year.

Spotify Technology Profile

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.