Spotify Technology S.A. (NYSE:SPOT) Position Lessened by Panagora Asset Management Inc.

Panagora Asset Management Inc. trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 0.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,965 shares of the company’s stock after selling 199 shares during the period. Panagora Asset Management Inc.’s holdings in Spotify Technology were worth $21,013,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC grew its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in Spotify Technology during the second quarter worth about $25,000. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $32,000. Finally, FinTrust Capital Advisors LLC grew its position in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.6 %

SPOT traded up $2.15 on Friday, hitting $342.88. The company had a trading volume of 1,074,529 shares, compared to its average volume of 1,961,138. The stock has a fifty day moving average price of $323.03 and a 200-day moving average price of $297.02. Spotify Technology S.A. has a 12-month low of $144.40 and a 12-month high of $359.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $65.22 billion, a price-to-earnings ratio of -507.54 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.69) earnings per share. Analysts predict that Spotify Technology S.A. will post 6.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Bank of America lifted their target price on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a research note on Wednesday, July 24th. Rosenblatt Securities raised their price target on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Wolfe Research began coverage on shares of Spotify Technology in a research note on Friday, July 12th. They set an “outperform” rating and a $390.00 price target for the company. Finally, Macquarie lifted their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $356.96.

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.