Fernbridge Capital Management LP Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Fernbridge Capital Management LP cut its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 27.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,916 shares of the company's stock after selling 33,502 shares during the period. Spotify Technology accounts for approximately 2.0% of Fernbridge Capital Management LP's investment portfolio, making the stock its 18th biggest holding. Fernbridge Capital Management LP's holdings in Spotify Technology were worth $32,768,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Aigen Investment Management LP increased its holdings in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Pathway Capital Management LP grew its position in Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock valued at $21,132,000 after purchasing an additional 11,042 shares during the period. Perpetual Ltd increased its stake 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 in the last quarter. Jag Capital Management LLC acquired a new position in Spotify Technology during the third quarter worth $13,569,000. Finally, Covenant Asset Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at about $3,364,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 0.7 %

NYSE:SPOT traded down $3.33 during midday trading on Wednesday, hitting $473.28. The company had a trading volume of 1,338,841 shares, compared to its average volume of 2,061,169. The stock's fifty day moving average price is $397.13 and its 200-day moving average price is $347.15. Spotify Technology S.A. has a 52-week low of $179.66 and a 52-week high of $489.69. The company has a market capitalization of $94.21 billion, a PE ratio of 129.55 and a beta of 1.56.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Pivotal Research increased their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their target price on Spotify Technology from $470.00 to $520.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Benchmark raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Finally, TD Cowen upped their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a "hold" rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently 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.