Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,590 shares of the company’s stock after selling 933 shares during the period. Lecap Asset Management Ltd.’s holdings in Spotify Technology were worth $813,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. GQG Partners LLC purchased a new position in Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB purchased a new position in shares of Spotify Technology during the first quarter valued at approximately $198,663,000. Norges Bank acquired a new stake in Spotify Technology during the fourth quarter worth approximately $92,429,000. 1832 Asset Management L.P. acquired a new stake in Spotify Technology during the fourth quarter worth approximately $83,094,000. Finally, Envestnet Asset Management Inc. grew its stake in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. Wolfe Research assumed coverage on Spotify Technology in a research note on Friday, July 12th. They set an “outperform” rating and a $390.00 price target on the stock. Rosenblatt Securities increased their target price on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Redburn Atlantic reissued a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

Spotify Technology Stock Down 0.7 %

Shares of Spotify Technology stock traded down $2.48 during trading hours on Wednesday, hitting $343.80. 1,755,619 shares of the company’s stock traded hands, compared to its average volume of 1,989,368. Spotify Technology S.A. has a twelve month low of $131.04 and a twelve month high of $359.38. The company has a market cap of $68.43 billion, a PE ratio of -513.13 and a beta of 1.59. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $320.07 and a 200-day simple moving average of $293.38.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the company posted ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology S.A. will post 6.32 earnings per share 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.