Allspring Global Investments Holdings LLC Has $138.65 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Allspring Global Investments Holdings LLC lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 19.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 303,233 shares of the company’s stock after selling 72,147 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Spotify Technology were worth $138,649,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Aigen Investment Management LP grew its holdings in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares in the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth about $1,335,575,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $214,000. Pathway Capital Management LP grew its stake in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Finally, Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $3,364,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $623.06 on Wednesday. The stock’s 50-day moving average is $497.11 and its 200-day moving average is $417.98. The company has a market cap of $124.02 billion, a P/E ratio of 104.72 and a beta of 1.63. Spotify Technology S.A. has a 52-week low of $228.07 and a 52-week high of $642.27.

Spotify Technology (NYSE:SPOT) last released its earnings results 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the business earned $0.36 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 9.69 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on SPOT. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, KeyCorp boosted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $514.79.

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.