Fernbridge Capital Management LP Reduces Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Fernbridge Capital Management LP lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 27.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 88,916 shares of the company’s stock after selling 33,502 shares during the quarter. Spotify Technology makes up approximately 2.0% of Fernbridge Capital Management LP’s investment portfolio, making the stock its 18th biggest holding. Fernbridge Capital Management LP’s holdings in Spotify Technology were worth $32,768,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SPOT. First Horizon Advisors Inc. increased its stake in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the period. West Bancorporation Inc. lifted its holdings in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares in the last quarter. Washington Trust Advisors Inc. boosted its position in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares during the period. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SPOT. KeyCorp upped their target price on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. TD Cowen boosted their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

SPOT opened at $476.74 on Wednesday. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69. The firm has a fifty day moving average price of $397.13 and a 200 day moving average price of $347.15. The stock has a market cap of $94.89 billion, a P/E ratio of 129.55 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current year.

Spotify Technology 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.