Exane Derivatives Lowers Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Exane Derivatives reduced its stake in Spotify Technology S.A. (NYSE:SPOTGet Rating) by 55.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 468 shares of the company’s stock after selling 581 shares during the quarter. Exane Derivatives’ holdings in Spotify Technology were worth $44,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. abrdn plc boosted its stake in shares of Spotify Technology by 11.1% in the fourth quarter. abrdn plc now owns 9,326 shares of the company’s stock valued at $2,182,000 after buying an additional 930 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $885,000. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 496,064 shares of the company’s stock valued at $116,093,000 after buying an additional 21,875 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Spotify Technology by 43.0% in the fourth quarter. Schroder Investment Management Group now owns 208,208 shares of the company’s stock valued at $48,727,000 after buying an additional 62,574 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Spotify Technology by 86.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 17,489 shares of the company’s stock valued at $4,092,000 after buying an additional 8,107 shares in the last quarter. 55.32% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.9 %

SPOT stock opened at $95.39 on Thursday. The stock has a 50-day moving average price of $110.27 and a two-hundred day moving average price of $115.08. Spotify Technology S.A. has a 12-month low of $89.03 and a 12-month high of $305.60. The company has a market cap of $18.14 billion, a PE ratio of -68.63 and a beta of 1.81.

Spotify Technology (NYSE:SPOTGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.23). Spotify Technology had a negative net margin of 0.24% and a negative return on equity of 1.15%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same period last year, the firm posted ($0.23) EPS. Spotify Technology’s revenue was up 22.9% on a year-over-year basis. Equities analysts forecast that Spotify Technology S.A. will post -2.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Evercore ISI decreased their target price on Spotify Technology from $235.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, July 7th. Bank of America boosted their target price on Spotify Technology from $137.00 to $164.00 and gave the stock a “buy” rating in a research report on Thursday, June 9th. JPMorgan Chase & Co. decreased their target price on Spotify Technology from $150.00 to $145.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 29th. Morgan Stanley decreased their target price on Spotify Technology from $170.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. Finally, The Goldman Sachs Group decreased their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating on the stock in a research report on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $183.42.

About Spotify Technology

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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