Select Equity Group L.P. Decreases Stake in Spotify Technology S.A. (NYSE:SPOT)

Select Equity Group L.P. cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,689 shares of the company’s stock after selling 30,586 shares during the period. Select Equity Group L.P. owned approximately 0.07% of Spotify Technology worth $44,147,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SPOT. Clearbridge Investments LLC grew its holdings in shares of Spotify Technology by 0.6% in the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after purchasing an additional 38 shares in the last quarter. Cigna Investments Inc. New grew its stake in shares of Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after buying an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC grew its stake in shares of Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after buying an additional 40 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Spotify Technology by 4.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock valued at $337,000 after buying an additional 43 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. UBS Group boosted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Macquarie raised their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Bank of America boosted their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Finally, Benchmark restated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Price Performance

Shares of SPOT opened at $379.25 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a 50 day moving average price of $338.03 and a 200-day moving average price of $310.22. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The stock has a market capitalization of $72.13 billion, a PE ratio of -566.04 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.69) EPS. Equities analysts predict that Spotify Technology S.A. will post 6.26 earnings per share 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.