Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 13.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,070,982 shares of the company's stock after selling 656,417 shares during the period. Wellington Management Group LLP owned about 2.05% of Spotify Technology worth $1,500,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Aigen Investment Management LP lifted its stake in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock worth $3,612,000 after acquiring an additional 2,918 shares during the last quarter. Pathway Capital Management LP lifted its position in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock worth $21,132,000 after purchasing an additional 11,042 shares during the last quarter. Perpetual Ltd grew its stake in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Covenant Asset Management LLC purchased a new position in Spotify Technology in the third quarter valued at $3,364,000. Finally, Jag Capital Management LLC acquired a new stake in Spotify Technology in the third quarter valued at $13,569,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on SPOT. Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a "neutral" rating and set a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Piper Sandler lifted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group upped their target price on Spotify Technology from $525.00 to $560.00 and gave the company a "buy" rating in a research report on Monday, December 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $422.90.

Spotify Technology Stock Performance

NYSE SPOT traded up $5.12 during mid-day trading on Friday, reaching $498.63. 1,841,230 shares of the stock were exchanged, compared to its average volume of 4,370,573. The business's fifty day simple moving average is $413.44 and its 200 day simple moving average is $355.61. The stock has a market capitalization of $99.25 billion, a PE ratio of 135.50 and a beta of 1.61. Spotify Technology S.A. has a 1-year low of $185.37 and a 1-year high of $506.47.

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

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.