Spotify Technology $SPOT Shares Sold by Bridgefront Capital LLC

Bridgefront Capital LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 64.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 582 shares of the company’s stock after selling 1,034 shares during the period. Bridgefront Capital LLC’s holdings in Spotify Technology were worth $406,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp lifted its holdings in shares of Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after acquiring an additional 74,256 shares in the last quarter. Capital World Investors lifted its stake in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Spotify Technology by 4.6% in the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after buying an additional 113,612 shares during the period. Sands Capital Management LLC grew its stake in shares of Spotify Technology by 14.2% in the third quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock valued at $1,080,253,000 after buying an additional 192,837 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Spotify Technology by 17.3% during the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock valued at $1,116,007,000 after buying an additional 214,355 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Barclays lifted their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Finally, Citizens Jmp started coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Trading Up 1.7%

Spotify Technology stock opened at $524.63 on Tuesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market cap of $108.01 billion, a P/E ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The stock has a 50 day moving average of $500.97 and a 200-day moving average of $593.53.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.