Zevenbergen Capital Investments LLC Cuts Stock Holdings in Spotify Technology $SPOT

Zevenbergen Capital Investments LLC reduced its stake in Spotify Technology (NYSE:SPOT) by 31.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 95,052 shares of the company’s stock after selling 43,902 shares during the quarter. Spotify Technology makes up 1.2% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 25th largest holding. Zevenbergen Capital Investments LLC’s holdings in Spotify Technology were worth $55,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Capital World Investors lifted its position in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Spotify Technology in the third quarter valued at approximately $512,190,000. Principal Financial Group Inc. increased its position in shares of Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after acquiring an additional 555,752 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Spotify Technology by 22.7% during the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after acquiring an additional 460,115 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Spotify Technology by 157.5% during the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company’s stock worth $488,551,000 after acquiring an additional 428,156 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Guggenheim decreased their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $699.00.

Spotify Technology Trading Up 0.5%

SPOT opened at $474.91 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company has a market cap of $97.77 billion, a PE ratio of 49.26, a price-to-earnings-growth ratio of 1.03 and a beta of 1.66. The company has a 50 day moving average of $491.61 and a 200 day moving average of $578.59.

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

Spotify Technology Profile

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.