Technology Crossover Management XI Ltd. Purchases 344,841 Shares of Spotify Technology S.A. (NYSE:SPOT)

Technology Crossover Management XI Ltd. lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOTFree Report) by 36.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,297,323 shares of the company’s stock after acquiring an additional 344,841 shares during the period. Spotify Technology makes up about 71.4% of Technology Crossover Management XI Ltd.’s investment portfolio, making the stock its largest holding. Technology Crossover Management XI Ltd. owned about 0.67% of Spotify Technology worth $200,618,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in SPOT. Acadian Asset Management LLC boosted its holdings in Spotify Technology by 55,455.8% during the second quarter. Acadian Asset Management LLC now owns 1,719,453 shares of the company’s stock worth $276,015,000 after purchasing an additional 1,716,358 shares during the last quarter. Norges Bank acquired a new position in Spotify Technology during the fourth quarter worth $123,027,000. Artisan Partners Limited Partnership lifted its stake in Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares during the last quarter. Point72 Asset Management L.P. grew its position in shares of Spotify Technology by 1,069.2% in the 4th quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock valued at $49,739,000 after acquiring an additional 695,004 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after acquiring an additional 523,237 shares during the period. Institutional investors and hedge funds own 56.89% of the company’s stock.

Spotify Technology Price Performance

SPOT stock traded down $0.19 during trading on Wednesday, reaching $243.21. 900,685 shares of the company were exchanged, compared to its average volume of 2,060,081. Spotify Technology S.A. has a twelve month low of $114.64 and a twelve month high of $248.67. The company has a 50-day moving average of $209.32 and a two-hundred day moving average of $178.00.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm posted ($1.43) EPS. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. Research analysts anticipate that Spotify Technology S.A. will post 3.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Citigroup reissued a “neutral” rating and issued a $190.00 price objective on shares of Spotify Technology in a research report on Friday, December 1st. Truist Financial lifted their price objective on shares of Spotify Technology from $176.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. KeyCorp lifted their target price on shares of Spotify Technology from $255.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Benchmark lifted their target price on shares of Spotify Technology from $260.00 to $290.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $220.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $223.36.

Check Out Our Latest Stock Report on Spotify Technology

Spotify Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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