Schonfeld Strategic Advisors LLC Sells 198,324 Shares of Spotify Technology S.A. (NYSE:SPOT)

Schonfeld Strategic Advisors LLC cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 77.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,232 shares of the company’s stock after selling 198,324 shares during the quarter. Schonfeld Strategic Advisors LLC’s holdings in Spotify Technology were worth $25,604,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SPOT. Jennison Associates LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at $1,335,575,000. FMR LLC grew its position in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Schroder Investment Management Group increased its holdings in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new position in Spotify Technology in the 4th quarter valued at $800,725,000. Finally, Geode Capital Management LLC raised its position in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Cantor Fitzgerald cut their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company upped their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Wolfe Research raised shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target for the company in a report on Monday, April 21st. Macquarie upped their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a report on Friday. Finally, FBN Securities started coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $596.26.

Spotify Technology Price Performance

Shares of SPOT stock opened at $597.27 on Tuesday. The company has a fifty day moving average price of $570.33 and a two-hundred day moving average price of $509.96. Spotify Technology S.A. has a one year low of $280.37 and a one year high of $652.63. The stock has a market cap of $122.27 billion, a P/E ratio of 100.38 and a beta of 1.75.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. As a group, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 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.