Magnus Financial Group LLC Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Magnus Financial Group LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 29.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,341 shares of the company’s stock after selling 2,604 shares during the period. Magnus Financial Group LLC’s holdings in Spotify Technology were worth $2,837,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. WCM Investment Management LLC lifted its stake in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. International Assets Investment Management LLC lifted its position in Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the period. FMR LLC boosted its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Janus Henderson Group PLC grew its position in Spotify Technology by 3,948.3% in the 3rd quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock worth $97,329,000 after purchasing an additional 257,706 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Spotify Technology by 179.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock valued at $140,120,000 after buying an additional 243,933 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on SPOT. Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Rosenblatt Securities upped their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Bank of America increased their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, KeyCorp upped their price objective on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Performance

Shares of SPOT opened at $507.62 on Wednesday. The stock has a market capitalization of $101.04 billion, a PE ratio of 137.75 and a beta of 1.62. The company’s fifty day moving average is $471.69 and its 200 day moving average is $392.84. Spotify Technology S.A. has a fifty-two week low of $204.57 and a fifty-two week high of $506.47.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology S.A. will post 5.91 earnings per share 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.