Investmentaktiengesellschaft Fuer Langfristige Investoren TGV Cuts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Investmentaktiengesellschaft Fuer Langfristige Investoren TGV reduced its position in shares of Spotify Technology S.A. (NYSE:SPOTFree Report) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,600 shares of the company’s stock after selling 1,400 shares during the period. Spotify Technology accounts for approximately 0.2% of Investmentaktiengesellschaft Fuer Langfristige Investoren TGV’s portfolio, making the stock its 16th largest position. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV’s holdings in Spotify Technology were worth $2,368,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SPOT. Wellington Management Group LLP raised its stake in Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Norges Bank bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $92,429,000. 1832 Asset Management L.P. bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $83,094,000. Finally, Citigroup Inc. increased its stake in shares of Spotify Technology by 1,037.4% during the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock valued at $59,721,000 after purchasing an additional 352,237 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SPOT shares. Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Morgan Stanley raised their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Bank of America raised their target price on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Finally, Piper Sandler restated a “neutral” rating and issued a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.81.

Read Our Latest Analysis on SPOT

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $7.01 during trading hours on Friday, reaching $313.02. The company’s stock had a trading volume of 2,047,135 shares, compared to its average volume of 1,445,874. The firm has a 50 day moving average price of $300.13 and a 200-day moving average price of $252.35. Spotify Technology S.A. has a one year low of $129.23 and a one year high of $331.08. The stock has a market cap of $59.54 billion, a P/E ratio of -467.19 and a beta of 1.61.

Spotify Technology (NYSE:SPOTGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the company earned ($1.24) EPS. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 4.95 EPS for the current fiscal year.

About Spotify Technology

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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