Man Group plc Decreases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Man Group plc trimmed its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 85.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,401 shares of the company’s stock after selling 184,619 shares during the period. Man Group plc’s holdings in Spotify Technology were worth $14,048,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans raised its holdings in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology during the fourth quarter valued at approximately $214,000. Finally, Swedbank AB increased its holdings in Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $656.02 on Friday. The firm has a fifty day moving average price of $585.62 and a 200 day moving average price of $533.48. Spotify Technology S.A. has a fifty-two week low of $288.07 and a fifty-two week high of $663.55. The firm has a market cap of $134.29 billion, a price-to-earnings ratio of 110.26 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share 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 company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the company posted $0.97 EPS. Spotify Technology’s revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on SPOT. Citigroup upped their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Barclays reduced their target price on shares of Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price for the company. Finally, KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.48.

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.