Spotify Technology S.A. (NYSE:SPOT) Position Lessened by Magnus Financial Group LLC

Magnus Financial Group LLC lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 49.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,947 shares of the company’s stock after selling 8,598 shares during the quarter. Magnus Financial Group LLC’s holdings in Spotify Technology were worth $1,681,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Technology Crossover Management XI Ltd. lifted its stake in shares of Spotify Technology by 36.2% in the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after purchasing an additional 344,841 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Spotify Technology by 7.9% in the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after buying an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology by 410.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after acquiring an additional 78,609 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of Spotify Technology by 452.4% during the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its stake in shares of Spotify Technology by 205.7% in the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after acquiring an additional 72,000 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Pivotal Research increased their target price on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. The Goldman Sachs Group raised their target price on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Stock Up 0.2 %

NYSE SPOT traded up $0.57 during trading on Friday, reaching $289.59. 2,477,228 shares of the stock traded hands, compared to its average volume of 3,137,877. Spotify Technology S.A. has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The firm has a market cap of $57.43 billion, a price-to-earnings ratio of -432.22 and a beta of 1.63. The stock’s 50-day moving average price is $271.48 and its 200 day moving average price is $219.09.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the company posted ($1.24) earnings per share. Analysts anticipate that Spotify Technology S.A. will post 4.49 EPS for the current fiscal 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.