Jacobs Levy Equity Management Inc. Lowers Holdings in Spotify Technology S.A. (NYSE:SPOT)

Jacobs Levy Equity Management Inc. lowered its holdings in Spotify Technology S.A. (NYSE:SPOT) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 660,577 shares of the company’s stock after selling 3,779 shares during the quarter. Spotify Technology accounts for 1.0% of Jacobs Levy Equity Management Inc.’s holdings, making the stock its 16th largest holding. Jacobs Levy Equity Management Inc. owned 0.33% of Spotify Technology worth $295,529,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SPOT. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth $800,725,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology during the fourth quarter worth $619,600,000. Geode Capital Management LLC grew its stake in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $396,028,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SPOT shares. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective for the company. Citigroup increased their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Loop Capital boosted their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Canaccord Genuity Group lifted their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Redburn Atlantic started coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $604.76.

Spotify Technology Stock Down 1.0 %

Shares of Spotify Technology stock opened at $648.97 on Friday. The firm has a market cap of $132.85 billion, a price-to-earnings ratio of 109.07 and a beta of 1.72. Spotify Technology S.A. has a 52-week low of $286.21 and a 52-week high of $663.55. The company’s 50-day simple moving average is $575.47 and its 200-day simple moving average is $524.89.

Spotify Technology (NYSE:SPOT) last issued its earnings results 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 return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the company posted $0.97 earnings per share. The business’s quarterly revenue was up 15.2% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current 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.