Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Blueshift Asset Management LLC

Blueshift Asset Management LLC lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 33.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,147 shares of the company’s stock after selling 1,101 shares during the period. Blueshift Asset Management LLC’s holdings in Spotify Technology were worth $791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SPOT. Townsquare Capital LLC raised its stake in Spotify Technology by 7.8% in the 3rd quarter. Townsquare Capital LLC now owns 994 shares of the company’s stock valued at $366,000 after purchasing an additional 72 shares during the last quarter. Lazard Freres Gestion S.A.S. acquired a new stake in Spotify Technology during the 3rd quarter worth $2,727,000. Brooklyn Investment Group purchased a new stake in shares of Spotify Technology during the third quarter worth $69,000. FMR LLC raised its position in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd lifted its stake in shares of Spotify Technology by 1.6% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 22,394 shares of the company’s stock worth $8,253,000 after buying an additional 351 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Pivotal Research upped their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler upped their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group upped their target price on Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Down 0.3 %

NYSE:SPOT opened at $475.34 on Thursday. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69. The company has a fifty day simple moving average of $399.75 and a two-hundred day simple moving average of $348.05. The company has a market cap of $94.62 billion, a price-to-earnings ratio of 129.17 and a beta of 1.56.

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

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.