Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Perpetual Ltd

Perpetual Ltd lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 32.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 510,020 shares of the company’s stock after selling 249,661 shares during the period. Spotify Technology accounts for 2.7% of Perpetual Ltd’s portfolio, making the stock its 4th largest position. Perpetual Ltd’s holdings in Spotify Technology were worth $228,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Benjamin Edwards Inc. raised its stake in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC increased its stake 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. Finally, V Square Quantitative Management LLC acquired a new position in Spotify Technology in the third quarter worth about $40,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

SPOT opened at $486.07 on Tuesday. Spotify Technology S.A. has a twelve month low of $200.81 and a twelve month high of $506.47. The firm has a market cap of $96.75 billion, a PE ratio of 132.08 and a beta of 1.62. The firm’s fifty day moving average is $468.82 and its two-hundred day moving average is $390.44.

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 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPOT shares. Wells Fargo & Company lifted their price objective on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Finally, Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

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.