Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 55.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,420 shares of the company’s stock after selling 10,678 shares during the period. Edgestream Partners L.P.’s holdings in Spotify Technology were worth $3,103,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aigen Investment Management LP boosted its holdings in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares in the last quarter. Pathway Capital Management LP boosted its holdings in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares in the last quarter. Perpetual Ltd boosted its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $3,364,000. Finally, Jag Capital Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $13,569,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler increased their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Pivotal Research increased their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. KeyCorp increased their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Bank of America raised their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Phillip Securities restated an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Up 0.4 %

Shares of SPOT stock opened at $476.96 on Monday. The stock has a market cap of $94.94 billion, a price-to-earnings ratio of 129.61 and a beta of 1.56. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69. The firm’s 50 day moving average price is $404.30 and its two-hundred day moving average price is $350.99.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. On average, equities analysts forecast that Spotify Technology S.A. will post 6.02 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.