Fernbridge Capital Management LP Sells 33,502 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fernbridge Capital Management LP decreased its position in Spotify Technology S.A. (NYSE:SPOT) by 27.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,916 shares of the company’s stock after selling 33,502 shares during the period. Spotify Technology makes up approximately 2.0% of Fernbridge Capital Management LP’s holdings, making the stock its 18th biggest position. Fernbridge Capital Management LP’s holdings in Spotify Technology were worth $32,768,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Swedbank AB bought a new position in shares of Spotify Technology during the first quarter valued at $198,663,000. WCM Investment Management LLC lifted its stake in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. International Assets Investment Management LLC grew its stake in shares of Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the period. Sei Investments Co. grew its stake in shares of Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after acquiring an additional 333,782 shares during the period. Finally, FMR LLC raised its holdings in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.0 %

NYSE:SPOT opened at $476.74 on Wednesday. The business’s 50-day moving average is $397.13 and its 200 day moving average is $347.15. Spotify Technology S.A. has a 12 month low of $179.66 and a 12 month high of $489.69. The company has a market capitalization of $94.89 billion, a P/E ratio of 129.55 and a beta of 1.56.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Macquarie lifted their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group increased 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. Benchmark upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company increased their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

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.