AQR Capital Management LLC Sells 11,933 Shares of Spotify Technology S.A. (NYSE:SPOT)

AQR Capital Management LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 84,036 shares of the company’s stock after selling 11,933 shares during the quarter. AQR Capital Management LLC’s holdings in Spotify Technology were worth $26,370,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. Clearbridge Investments LLC boosted its position in Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares during the period. Cigna Investments Inc. New boosted its holdings in shares of Spotify Technology by 3.3% during 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 during the period. Moody Lynn & Lieberson LLC raised its holdings in 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 acquiring an additional 40 shares during the period. Larson Financial Group LLC lifted its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Spotify Technology by 4.6% during the second quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock valued at $337,000 after acquiring an additional 43 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPOT. Pivotal Research increased their target price on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. TD Cowen raised their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Bank of America upped their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Benchmark restated a “buy” rating and issued a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, Rosenblatt Securities upped their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $369.20 on Monday. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $389.23. The firm’s 50-day moving average price is $339.51 and its two-hundred day moving average price is $311.77. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $73.49 billion, a price-to-earnings ratio of -551.04 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The firm had revenue of $3.81 billion during 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 was up 19.8% on a year-over-year basis. During the same period last year, the firm posted ($1.69) EPS. On average, 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.