D1 Capital Partners L.P. Sells 75,807 Shares of Spotify Technology S.A. (NYSE:SPOT)

D1 Capital Partners L.P. reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 604,254 shares of the company’s stock after selling 75,807 shares during the period. Spotify Technology accounts for about 4.3% of D1 Capital Partners L.P.’s holdings, making the stock its 7th biggest holding. D1 Capital Partners L.P.’s holdings in Spotify Technology were worth $222,686,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SPOT. Aigen Investment Management LP raised its holdings in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying 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 third 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 period. Perpetual Ltd grew its holdings in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Covenant Asset Management LLC purchased a new stake in Spotify Technology during the 3rd quarter worth approximately $3,364,000. Finally, Jag Capital Management LLC acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $13,569,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $475.24 on Friday. Spotify Technology S.A. has a 12-month low of $179.66 and a 12-month high of $489.69. The stock has a market capitalization of $94.60 billion, a P/E ratio of 129.14 and a beta of 1.56. The firm’s 50-day moving average is $402.06 and its two-hundred day moving average is $348.93.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the business posted $0.36 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on SPOT shares. Evercore ISI upped their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Morgan Stanley lifted their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $421.69.

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.