Spotify Technology $SPOT Stock Holdings Trimmed by Bridgefront Capital LLC

Bridgefront Capital LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 64.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 582 shares of the company’s stock after selling 1,034 shares during the period. Bridgefront Capital LLC’s holdings in Spotify Technology were worth $406,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Helios Capital Management PTE. Ltd. boosted its holdings in shares of Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after buying an additional 2,700 shares during the period. Bessemer Group Inc. raised its stake in Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after acquiring an additional 177,310 shares during the period. Truxt Investmentos Ltda. bought a new position in Spotify Technology in the third quarter worth about $2,093,000. Ownership Capital B.V. bought a new position in Spotify Technology in the third quarter worth about $2,769,000. Finally, Generali Asset Management SPA SGR boosted its stake in Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after acquiring an additional 16,054 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.7%

Shares of NYSE SPOT opened at $524.63 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 $108.01 billion, a PE ratio of 54.42, a P/E/G ratio of 1.13 and a beta of 1.66. The stock has a 50 day simple moving average of $500.97 and a 200-day simple moving average of $593.53.

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

Analysts Set New Price Targets

SPOT has been the subject of several recent research reports. KeyCorp dropped their price target on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Guggenheim reduced their price objective 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. Barclays upped their price objective on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, Benchmark cut their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Company 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.