Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Hyperion Asset Management Ltd

Hyperion Asset Management Ltd reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 12.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 472,370 shares of the company’s stock after selling 69,809 shares during the period. Spotify Technology accounts for about 7.0% of Hyperion Asset Management Ltd’s holdings, making the stock its 6th biggest holding. Hyperion Asset Management Ltd owned 0.24% of Spotify Technology worth $211,329,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SPOT. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $27,000. Quent Capital LLC lifted its stake in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. Noble Wealth Management PBC acquired a new stake in Spotify Technology in the 4th quarter worth about $52,000. Colonial Trust Co SC boosted its position in shares of Spotify Technology by 1,009.1% in the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after acquiring an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at $56,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPOT. Evercore ISI reduced their price target on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Benchmark lifted their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Robert W. Baird lifted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald decreased their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $604.76.

Spotify Technology Stock Down 1.0 %

Shares of SPOT stock opened at $648.97 on Friday. The stock has a 50-day simple moving average of $575.47 and a 200 day simple moving average of $524.89. The stock has a market capitalization of $132.85 billion, a P/E ratio of 109.07 and a beta of 1.72. Spotify Technology S.A. has a fifty-two week low of $286.21 and a fifty-two week high of $663.55.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Spotify Technology 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.