Empowered Funds LLC Reduces Holdings in Spotify Technology S.A. (NYSE:SPOT)

Empowered Funds LLC lessened its position in Spotify Technology S.A. (NYSE:SPOT) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,094 shares of the company’s stock after selling 947 shares during the period. Empowered Funds LLC’s holdings in Spotify Technology were worth $7,648,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. WCM Investment Management LLC lifted its position in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after buying an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. State Street Corp boosted its position in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SPOT. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company upped their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Macquarie boosted their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Trading Up 2.4 %

NYSE:SPOT opened at $637.88 on Tuesday. The company has a market cap of $126.97 billion, a PE ratio of 107.21 and a beta of 1.63. The company has a 50 day simple moving average of $493.96 and a two-hundred day simple moving average of $415.80. Spotify Technology S.A. has a 12 month low of $228.07 and a 12 month high of $642.27.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. 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 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Spotify Technology S.A. will post 9.69 earnings per share for the current 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.