Spyglass Capital Management LLC Sells 31,864 Shares of Spotify Technology S.A. (NYSE:SPOT)

Spyglass Capital Management LLC trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 25.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 91,410 shares of the company’s stock after selling 31,864 shares during the period. Spotify Technology comprises about 2.2% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Spyglass Capital Management LLC’s holdings in Spotify Technology were worth $33,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the second quarter valued at $25,000. Benjamin Edwards Inc. grew its position in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. Mather Group LLC. boosted its stake in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Spotify Technology in the third quarter worth $40,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $475.24 on Friday. The company has a market cap of $94.60 billion, a PE ratio of 129.14 and a beta of 1.56. Spotify Technology S.A. has a 52-week low of $179.66 and a 52-week high of $489.69. The stock 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 posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. On average, research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent analyst reports. KeyCorp boosted 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. Pivotal Research boosted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted 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. Finally, Rosenblatt Securities boosted their price objective on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. One investment 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

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.