Jennison Associates LLC Reduces Stock Position in Spotify Technology $SPOT

Jennison Associates LLC reduced its position in shares of Spotify Technology (NYSE:SPOT) by 7.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,910,788 shares of the company’s stock after selling 337,152 shares during the period. Spotify Technology accounts for approximately 1.8% of Jennison Associates LLC’s portfolio, making the stock its 13th largest position. Jennison Associates LLC’s holdings in Spotify Technology were worth $3,000,904,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SPOT. Goldman Sachs Group Inc. boosted its position in Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after acquiring an additional 1,601,653 shares in the last quarter. Nuveen LLC bought a new stake in Spotify Technology during the 1st quarter valued at approximately $383,139,000. Axiom Investors LLC DE boosted its position in Spotify Technology by 216.8% during the 1st quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock valued at $395,847,000 after acquiring an additional 492,504 shares in the last quarter. Bessemer Group Inc. boosted its position in Spotify Technology by 215.3% during the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock valued at $387,758,000 after acquiring an additional 345,048 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Spotify Technology by 39.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company’s stock valued at $648,434,000 after acquiring an additional 336,162 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPOT. Wells Fargo & Company lifted their price objective on Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Benchmark cut their price objective on Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, July 30th. Citigroup lifted their price objective on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research report on Tuesday, September 9th. Phillip Securities raised shares of Spotify Technology from a “moderate sell” rating to a “hold” rating in a research note on Monday, August 4th. Finally, BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $731.16.

Spotify Technology Stock Down 0.5%

Shares of SPOT opened at $654.64 on Wednesday. The company has a market capitalization of $134.01 billion, a P/E ratio of 158.89, a price-to-earnings-growth ratio of 3.14 and a beta of 1.67. The firm has a 50 day moving average of $693.81 and a 200 day moving average of $678.89. Spotify Technology has a twelve month low of $376.04 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the business earned $1.33 EPS. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.