Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. decreased its stake in Spotify Technology S.A. (NYSE:SPOT) by 55.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,420 shares of the company’s stock after selling 10,678 shares during the quarter. Edgestream Partners L.P.’s holdings in Spotify Technology were worth $3,103,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares during the period. FMR LLC grew its position in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the period. Swedbank AB grew its position in shares of Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares during the period. Finally, Perpetual Ltd grew its position in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $476.96 on Monday. The stock has a market capitalization of $94.94 billion, a P/E ratio of 129.61 and a beta of 1.56. The company has a 50 day moving average price of $404.30 and a 200 day moving average price of $350.99. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. On average, research analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Macquarie raised their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One equities research 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 stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $421.69.

About Spotify Technology

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.