Select Equity Group L.P. Sells 30,586 Shares of Spotify Technology S.A. (NYSE:SPOT)

Select Equity Group L.P. trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 17.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 140,689 shares of the company’s stock after selling 30,586 shares during the quarter. Select Equity Group L.P.’s holdings in Spotify Technology were worth $44,147,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in Spotify Technology in the second quarter valued at about $25,000. Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Mather Group LLC. grew its stake in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC raised its position in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT opened at $379.25 on Friday. The firm’s fifty day simple moving average is $338.03 and its two-hundred day simple moving average is $310.22. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $389.23. The company has a market cap of $72.13 billion, a price-to-earnings ratio of -566.04 and a beta of 1.57. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company posted ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. Equities analysts anticipate that Spotify Technology S.A. will post 6.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of several research analyst reports. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. KeyCorp raised their target price on Spotify Technology from $420.00 to $440.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price target on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.14.

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.