Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 61.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,259 shares of the company’s stock after selling 6,744 shares during the period. Penserra Capital Management LLC’s holdings in Spotify Technology were worth $1,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of 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 valued at $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Swedbank AB raised its holdings in shares of Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares in the last quarter. Perpetual Ltd lifted its position in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Finally, D1 Capital Partners L.P. grew its stake in shares of Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 1.0 %

NYSE SPOT opened at $476.74 on Wednesday. The stock has a market capitalization of $94.89 billion, a P/E ratio of 129.55 and a beta of 1.56. Spotify Technology S.A. has a 52-week low of $179.66 and a 52-week high of $489.69. The firm has a 50-day moving average price of $397.13 and a 200 day moving average price of $347.15.

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

Analyst Ratings Changes

A number of analysts have weighed in on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Rosenblatt Securities boosted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Benchmark upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Piper Sandler raised their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, Evercore ISI upped their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Company 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.