Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Gardner Lewis Asset Management L P

Gardner Lewis Asset Management L P reduced its holdings in Spotify Technology S.A. (NYSE:SPOT) by 4.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,453 shares of the company’s stock after selling 630 shares during the period. Spotify Technology makes up 1.2% of Gardner Lewis Asset Management L P’s holdings, making the stock its 29th biggest position. Gardner Lewis Asset Management L P’s holdings in Spotify Technology were worth $4,535,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. Evoke Wealth LLC acquired a new position in Spotify Technology during the 4th quarter worth approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spotify Technology by 30.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. increased its holdings in Spotify Technology by 1,500.5% in the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after buying an additional 65,768 shares in the last quarter. TD Asset Management Inc increased its stake in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Spotify Technology by 327.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Guggenheim lifted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Bank of America upped their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. Evercore ISI raised their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. TD Cowen increased their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $357.41.

Spotify Technology Trading Up 1.0 %

Shares of NYSE:SPOT opened at $342.10 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $65.07 billion, a PE ratio of -510.60 and a beta of 1.57. The business has a 50 day moving average of $328.27 and a 200-day moving average of $305.81. Spotify Technology S.A. has a 12-month low of $145.76 and a 12-month high of $359.38.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.69) EPS. As a group, equities research analysts forecast that Spotify Technology S.A. will post 6.31 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.