Quantbot Technologies LP Sells 10,222 Shares of Spotify Technology S.A. (NYSE:SPOT)

Quantbot Technologies LP reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 33.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,977 shares of the company’s stock after selling 10,222 shares during the quarter. Quantbot Technologies LP’s holdings in Spotify Technology were worth $7,362,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Aigen Investment Management LP increased its position 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 purchasing an additional 2,918 shares during the period. Pathway Capital Management LP boosted its stake in shares of 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 last quarter. Perpetual Ltd grew its position in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares during the period. Jag Capital Management LLC bought a new stake in shares of Spotify Technology during the third quarter worth approximately $13,569,000. Finally, Covenant Asset Management LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $3,364,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Morgan Stanley upped their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Pivotal Research upped their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Benchmark lifted their price objective 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. Piper Sandler upped their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. 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 stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Up 1.0 %

Shares of SPOT stock opened at $479.85 on Tuesday. The firm’s fifty day moving average price is $394.43 and its two-hundred day moving average price is $345.87. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69. The firm has a market capitalization of $95.51 billion, a P/E ratio of 130.39 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its 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). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. As a group, equities research analysts forecast that Spotify Technology S.A. will post 6.02 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.