Zevenbergen Capital Investments LLC Sells 43,902 Shares of Spotify Technology $SPOT

Zevenbergen Capital Investments LLC cut its stake in shares of Spotify Technology (NYSE:SPOT) by 31.6% in the 4th quarter, HoldingsChannel reports. The firm owned 95,052 shares of the company’s stock after selling 43,902 shares during the period. Spotify Technology makes up 1.2% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 25th biggest position. Zevenbergen Capital Investments LLC’s holdings in Spotify Technology were worth $55,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brookstone Capital Management boosted its stake in Spotify Technology by 1.6% in the fourth quarter. Brookstone Capital Management now owns 1,698 shares of the company’s stock worth $986,000 after buying an additional 27 shares in the last quarter. Boston Common Asset Management LLC bought a new position in Spotify Technology during the fourth quarter valued at approximately $18,629,000. Eastern Bank raised its stake in shares of Spotify Technology by 110.5% during the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after acquiring an additional 42 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Spotify Technology by 29.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 16,117 shares of the company’s stock worth $9,359,000 after acquiring an additional 3,645 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its holdings in shares of Spotify Technology by 3.6% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 1,292 shares of the company’s stock worth $750,000 after acquiring an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.5%

Shares of SPOT opened at $474.91 on Tuesday. The stock has a market capitalization of $97.77 billion, a P/E ratio of 49.26, a PEG ratio of 1.03 and a beta of 1.66. The firm has a fifty day simple moving average of $491.61 and a two-hundred day simple moving average of $578.59. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm earned $1.88 EPS. The company’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Guggenheim decreased their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Benchmark cut their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Citizens Jmp began coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. KeyCorp decreased their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a report on Monday, February 9th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their target price for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $699.00.

Spotify Technology 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.