Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Rheos Capital Works Inc.

Rheos Capital Works Inc. lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 40.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,000 shares of the company’s stock after selling 29,500 shares during the period. Rheos Capital Works Inc.’s holdings in Spotify Technology were worth $19,685,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC boosted its position in shares of 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 acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Macquarie increased their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Bank of America upped their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.39.

Spotify Technology Price Performance

SPOT stock opened at $549.02 on Monday. The company’s 50 day simple moving average is $480.71 and its 200-day simple moving average is $405.25. Spotify Technology S.A. has a 12 month low of $213.31 and a 12 month high of $560.36. The firm has a market capitalization of $109.28 billion, a PE ratio of 149.19 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced 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 company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the company posted $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

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.