Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 56.0% in the third quarter, HoldingsChannel.com reports. The firm owned 656,941 shares of the company’s stock after selling 836,875 shares during the quarter. Spotify Technology accounts for about 0.8% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 23rd largest holding. Lord Abbett & CO. LLC’s holdings in Spotify Technology were worth $242,102,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the last quarter. Sei Investments Co. boosted its position in shares of Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares during the period. FMR LLC boosted its position in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Spotify Technology by 3,948.3% in the 3rd quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after purchasing an additional 257,706 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 0.7 %

Shares of NYSE SPOT opened at $483.31 on Friday. The stock has a market cap of $96.20 billion, a price-to-earnings ratio of 131.33 and a beta of 1.61. The company’s 50-day moving average price is $426.66 and its 200 day moving average price is $363.01. Spotify Technology S.A. has a 52 week low of $185.37 and a 52 week high of $506.47.

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Morgan Stanley lifted their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $429.96.

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.