Jackson Square Capital LLC Cuts Stock Position in Spotify Technology $SPOT

Jackson Square Capital LLC cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 38.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,877 shares of the company’s stock after selling 4,383 shares during the quarter. Spotify Technology accounts for approximately 1.0% of Jackson Square Capital LLC’s investment portfolio, making the stock its 28th biggest holding. Jackson Square Capital LLC’s holdings in Spotify Technology were worth $4,800,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Sapient Capital LLC bought a new position in Spotify Technology during the second quarter valued at $322,000. Legacy Capital Group California Inc. lifted its position in shares of Spotify Technology by 110.9% during the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock valued at $2,990,000 after buying an additional 2,049 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Spotify Technology by 39.8% in the first quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after acquiring an additional 769 shares during the period. Swedbank AB grew its position in shares of Spotify Technology by 1.4% in the first quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after purchasing an additional 13,458 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Spotify Technology during the 2nd quarter valued at $18,877,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 3.3%

Shares of SPOT opened at $582.39 on Friday. The stock has a market capitalization of $119.91 billion, a P/E ratio of 91.57, a PEG ratio of 1.86 and a beta of 1.66. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The firm has a fifty day simple moving average of $620.98 and a two-hundred day simple moving average of $674.28.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.45 earnings per share. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on SPOT shares. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Benchmark increased their price target on shares of Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Citigroup boosted their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research note on Tuesday, September 9th. Argus initiated coverage on shares of Spotify Technology in a research note on Monday, September 29th. They issued a “buy” rating and a $845.00 target price on the stock. Finally, Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $760.23.

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.