Spotify Technology S.A. (NYSE:SPOT) Stake Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its holdings in Spotify Technology S.A. (NYSE:SPOT) by 36.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 277,218 shares of the company’s stock after selling 162,330 shares during the period. Allspring Global Investments Holdings LLC owned about 0.14% of Spotify Technology worth $73,158,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Mariner LLC increased its position in Spotify Technology by 18.1% in the 3rd quarter. Mariner LLC now owns 8,986 shares of the company’s stock worth $1,390,000 after purchasing an additional 1,375 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Spotify Technology by 13.4% during the 3rd quarter. Stifel Financial Corp now owns 30,062 shares of the company’s stock valued at $4,649,000 after acquiring an additional 3,547 shares during the last quarter. Natixis Advisors L.P. acquired a new position in shares of Spotify Technology during the 3rd quarter valued at about $2,330,000. Alps Advisors Inc. increased its holdings in shares of Spotify Technology by 1.9% during the 3rd quarter. Alps Advisors Inc. now owns 7,698 shares of the company’s stock valued at $1,190,000 after acquiring an additional 144 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Spotify Technology by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 583,897 shares of the company’s stock valued at $90,300,000 after acquiring an additional 5,426 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on SPOT. Canaccord Genuity Group raised their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Rosenblatt Securities restated a “buy” rating and set a $396.00 target price on shares of Spotify Technology in a research report on Tuesday, June 4th. HSBC raised their target price on Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Barclays raised their target price on Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Finally, KeyCorp lifted their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.88.

Spotify Technology Stock Performance

SPOT traded down $0.34 on Tuesday, hitting $313.50. 107,704 shares of the company were exchanged, compared to its average volume of 1,953,233. The stock’s fifty day moving average is $303.83 and its 200-day moving average is $261.31. The company has a market cap of $59.63 billion, a PE ratio of -468.65 and a beta of 1.59. Spotify Technology S.A. has a 12 month low of $129.23 and a 12 month high of $331.08.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter in the previous year, the business earned ($1.24) earnings per share. As a group, equities research analysts expect that Spotify Technology S.A. will post 4.95 EPS for the current fiscal 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.