Comgest Global Investors S.A.S. Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Comgest Global Investors S.A.S. trimmed its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 41.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,563 shares of the company's stock after selling 32,735 shares during the quarter. Comgest Global Investors S.A.S.'s holdings in Spotify Technology were worth $17,160,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. WCM Investment Management LLC grew its position in 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 acquiring an additional 605,755 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Spotify Technology in the first quarter worth $610,040,000. Bamco Inc. NY grew its stake in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company's stock worth $228,164,000 after purchasing an additional 190,931 shares during the last quarter. Swedbank AB increased its position in Spotify Technology by 13.2% during the 2nd 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 increased its position in Spotify Technology by 24.3% during the 3rd 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 own 84.09% of the company's stock.

Spotify Technology Stock Down 4.0 %

Shares of Spotify Technology stock traded down $19.18 during midday trading on Friday, hitting $458.32. The company had a trading volume of 3,024,154 shares, compared to its average volume of 1,936,045. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $91.23 billion, a P/E ratio of 124.59 and a beta of 1.56. The company has a 50 day moving average of $378.15 and a 200 day moving average of $337.83. Spotify Technology S.A. has a 52-week low of $170.62 and a 52-week high of $489.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 20.99% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.03 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The company's revenue was up 18.8% on a year-over-year basis. On average, equities analysts predict that Spotify Technology S.A. will post 6.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an "overweight" rating in a research note on Wednesday. Bank of America upped their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a research report on Wednesday. Piper Sandler upped their target price on Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a research report on Wednesday. Cantor Fitzgerald restated a "neutral" rating and set a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Finally, KeyCorp raised their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an "overweight" rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $421.69.

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.