Mackenzie Financial Corp Sells 5,593 Shares of Spotify Technology S.A. (NYSE:SPOT)

Mackenzie Financial Corp reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 75.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,863 shares of the company’s stock after selling 5,593 shares during the period. Mackenzie Financial Corp’s holdings in Spotify Technology were worth $350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its position in shares of Spotify Technology by 122.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after purchasing an additional 4,283 shares during the period. Asset Management One Co. Ltd. grew its holdings in Spotify Technology by 87.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after acquiring an additional 23,272 shares during the period. Handelsbanken Fonder AB raised its position in shares of Spotify Technology by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after acquiring an additional 236 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Spotify Technology by 6.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,315 shares of the company’s stock valued at $358,000 after purchasing an additional 143 shares during the period. Finally, Xponance Inc. lifted its stake in shares of Spotify Technology by 2.4% in the 3rd quarter. Xponance Inc. now owns 19,908 shares of the company’s stock valued at $3,079,000 after purchasing an additional 473 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays lifted their target price on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Wednesday. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a research report on Wednesday, February 7th. TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley increased their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $289.59 on Friday. Spotify Technology S.A. has a 52-week low of $128.67 and a 52-week high of $319.30. The company has a 50-day simple moving average of $271.48 and a two-hundred day simple moving average of $219.09. The company has a market capitalization of $57.43 billion, a price-to-earnings ratio of -432.22 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the prior year, the company posted ($1.24) earnings per share. On average, sell-side analysts forecast that Spotify Technology S.A. will post 4.02 EPS for the current fiscal year.

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.