Penserra Capital Management LLC Sells 6,744 Shares of Spotify Technology S.A. (NYSE:SPOT)

Penserra Capital Management LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 61.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,259 shares of the company’s stock after selling 6,744 shares during the quarter. Penserra Capital Management LLC’s holdings in Spotify Technology were worth $1,569,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Spotify Technology by 47.4% during the 1st quarter. Advisors Asset Management Inc. now owns 1,350 shares of the company’s stock worth $356,000 after purchasing an additional 434 shares during the last quarter. Redwood Investment Management LLC purchased a new stake in shares of Spotify Technology during the 1st quarter worth $632,000. New Covenant Trust Company N.A. bought a new stake in Spotify Technology during the first quarter valued at about $50,000. Finally, LRI Investments LLC purchased a new position in Spotify Technology in the first quarter valued at about $95,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.0 %

Spotify Technology stock opened at $476.74 on Wednesday. The company has a 50-day moving average price of $397.13 and a 200 day moving average price of $347.15. Spotify Technology S.A. has a 12-month low of $179.66 and a 12-month high of $489.69. 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 issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 earnings per share. As a group, analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Benchmark raised their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $421.69.

About Spotify Technology

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.