Generate Investment Management Ltd Sells 26,075 Shares of Spotify Technology S.A. (NYSE:SPOT)

Generate Investment Management Ltd reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 59.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,789 shares of the company’s stock after selling 26,075 shares during the period. Generate Investment Management Ltd’s holdings in Spotify Technology were worth $7,958,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. lifted its holdings in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the period. Avior Wealth Management LLC grew its stake in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the last quarter. Park National Corp OH grew its stake in shares of Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after purchasing an additional 31 shares during the last quarter. Finally, Washington Trust Advisors Inc. increased its holdings in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. The Goldman Sachs Group lifted their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Guggenheim raised their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty 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 price target of $514.79.

Spotify Technology Stock Down 0.4 %

Shares of Spotify Technology stock opened at $623.54 on Friday. Spotify Technology S.A. has a twelve month low of $228.07 and a twelve month high of $632.45. The company’s 50 day moving average is $491.03 and its 200 day moving average is $412.38. The company has a market cap of $124.12 billion, a price-to-earnings ratio of 104.80 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology S.A. will post 9.69 EPS for the current fiscal 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.