Spotify Technology $SPOT Shares Sold by Tremblant Capital Group

Tremblant Capital Group trimmed its holdings in Spotify Technology (NYSE:SPOT) by 5.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,822 shares of the company’s stock after selling 4,231 shares during the quarter. Spotify Technology comprises 5.4% of Tremblant Capital Group’s portfolio, making the stock its 4th largest holding. Tremblant Capital Group’s holdings in Spotify Technology were worth $52,226,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC acquired a new position in Spotify Technology during the 2nd quarter worth $312,000. AE Wealth Management LLC increased its holdings in shares of Spotify Technology by 11.7% during the second quarter. AE Wealth Management LLC now owns 600 shares of the company’s stock valued at $461,000 after purchasing an additional 63 shares during the period. Allworth Financial LP increased its holdings in shares of Spotify Technology by 31.1% during the second quarter. Allworth Financial LP now owns 536 shares of the company’s stock valued at $412,000 after purchasing an additional 127 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Spotify Technology by 17.4% during the second quarter. PNC Financial Services Group Inc. now owns 20,756 shares of the company’s stock valued at $15,927,000 after purchasing an additional 3,082 shares in the last quarter. Finally, Fiera Capital Corp raised its stake in shares of Spotify Technology by 22.2% during the second quarter. Fiera Capital Corp now owns 10,222 shares of the company’s stock valued at $7,844,000 after purchasing an additional 1,856 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Sanford C. Bernstein decreased their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Barclays boosted their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Guggenheim reduced their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Benchmark decreased their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Finally, Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Stock Up 1.3%

NYSE:SPOT opened at $516.14 on Friday. The business’s 50-day moving average price is $502.35 and its 200 day moving average price is $596.07. The firm has a market cap of $106.26 billion, a P/E ratio of 53.54, a PEG ratio of 1.11 and a beta of 1.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the company earned $1.88 EPS. Spotify Technology’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.