Spotify Technology S.A. (NYSE:SPOT) Stock Position Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 19.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 303,233 shares of the company’s stock after selling 72,147 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.15% of Spotify Technology worth $138,649,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Spotify Technology during the third quarter worth about $40,000. Finally, Rakuten Securities Inc. lifted its holdings in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Macquarie upped their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Barclays increased their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Trading Down 2.3 %

Shares of Spotify Technology stock opened at $623.06 on Wednesday. Spotify Technology S.A. has a 52 week low of $228.07 and a 52 week high of $642.27. The stock has a market cap of $124.02 billion, a PE ratio of 104.72 and a beta of 1.63. The company’s 50-day moving average price is $497.11 and its two-hundred day moving average price is $417.98.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, equities analysts predict that Spotify Technology S.A. will post 9.69 EPS for the current fiscal 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.