Spyglass Capital Management LLC Has $33.69 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Spyglass Capital Management LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 25.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,410 shares of the company’s stock after selling 31,864 shares during the period. Spotify Technology makes up about 2.2% of Spyglass Capital Management LLC’s portfolio, making the stock its 25th biggest holding. Spyglass Capital Management LLC’s holdings in Spotify Technology were worth $33,687,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in Spotify Technology during the 2nd quarter worth approximately $25,000. Benjamin Edwards Inc. lifted its holdings in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. lifted its holdings in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. Asset Dedication LLC acquired a new stake in Spotify Technology during the 2nd quarter worth approximately $35,000. Finally, Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Benchmark raised their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. KeyCorp raised their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $475.24 on Friday. Spotify Technology S.A. has a one year low of $179.66 and a one year high of $489.69. The firm has a market capitalization of $94.60 billion, a price-to-earnings ratio of 129.14 and a beta of 1.56. The business has a 50-day simple moving average of $402.06 and a 200 day simple moving average of $348.93.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology S.A. will post 6.02 EPS 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.