Wellington Management Group LLP Cuts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Wellington Management Group LLP lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 20.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,349,623 shares of the company’s stock after selling 620,917 shares during the period. Wellington Management Group LLP owned approximately 1.19% of Spotify Technology worth $441,518,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPOT. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology during the 4th quarter worth approximately $32,000. Lindbrook Capital LLC grew its position in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the last quarter. Beaird Harris Wealth Management LLC grew its position in Spotify Technology by 2,540.0% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company’s stock worth $41,000 after purchasing an additional 254 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in Spotify Technology by 191.4% during the 4th quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after purchasing an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.3 %

SPOT opened at $313.02 on Monday. Spotify Technology S.A. has a 52-week low of $129.23 and a 52-week high of $331.08. The firm’s fifty day simple moving average is $300.13 and its two-hundred day simple moving average is $252.84.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the firm posted ($1.24) earnings per share. Equities research analysts expect that Spotify Technology S.A. will post 4.95 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. KeyCorp boosted their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Rosenblatt Securities reissued a “buy” rating and set a $396.00 target price on shares of Spotify Technology in a research report on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, Pivotal Research upped their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $306.81.

About Spotify Technology

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.