Northwest & Ethical Investments L.P. Sells 1,675 Shares of Spotify Technology S.A. (NYSE:SPOT)

Northwest & Ethical Investments L.P. reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 8.6% during the third quarter, HoldingsChannel.com reports. The fund owned 17,750 shares of the company’s stock after selling 1,675 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Spotify Technology were worth $6,541,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. WCM Investment Management LLC boosted its position in shares of 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 last quarter. International Assets Investment Management LLC increased its stake in Spotify Technology by 36,910.0% during 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 last quarter. Sei Investments Co. raised its holdings in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares during the period. FMR LLC raised its stake 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 acquiring an additional 297,035 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Spotify Technology by 179.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock worth $140,120,000 after purchasing an additional 243,933 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SPOT shares. Evercore ISI boosted their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Bank of America boosted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Benchmark lifted their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, Macquarie upped their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

Shares of SPOT opened at $475.24 on Friday. The stock has a 50-day moving average of $402.06 and a two-hundred day moving average of $348.93. The stock has a market cap of $94.60 billion, a P/E ratio of 129.14 and a beta of 1.56. Spotify Technology S.A. has a one year low of $179.66 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last announced 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). The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $0.36 earnings per share. Analysts predict that Spotify Technology S.A. will post 6.02 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.