Stephens Investment Management Group LLC Sells 127,523 Shares of Spotify Technology S.A. (NYSE:SPOT)

Stephens Investment Management Group LLC lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 63.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,902 shares of the company’s stock after selling 127,523 shares during the period. Stephens Investment Management Group LLC’s holdings in Spotify Technology were worth $33,510,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SPOT. WCM Investment Management LLC increased its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after buying an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the 4th quarter worth about $1,335,575,000. State Street Corp lifted its stake in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares during the period. Finally, FMR LLC boosted its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE SPOT opened at $623.54 on Friday. Spotify Technology S.A. has a 1-year low of $228.07 and a 1-year high of $632.45. The business has a 50 day simple moving average of $493.96 and a two-hundred day simple moving average of $414.66. The stock has a market capitalization of $124.12 billion, a PE ratio of 104.80 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts anticipate that Spotify Technology S.A. will post 9.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SPOT shares. Guggenheim boosted their price objective on shares of Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Macquarie upped their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $514.79.

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.