Tremblant Capital Group Reduces Position in Spotify Technology S.A. (NYSE:SPOT)

Tremblant Capital Group lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 14.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 198,167 shares of the company’s stock after selling 33,375 shares during the period. Spotify Technology makes up about 6.7% of Tremblant Capital Group’s investment portfolio, making the stock its 2nd largest holding. Tremblant Capital Group owned approximately 0.10% of Spotify Technology worth $62,183,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Interval Partners LP purchased a new position in shares of Spotify Technology during the 2nd quarter valued at $11,737,000. Xponance Inc. boosted its holdings in Spotify Technology by 2.5% during the second quarter. Xponance Inc. now owns 19,655 shares of the company’s stock valued at $6,168,000 after acquiring an additional 472 shares during the period. Bank of Montreal Can lifted its stake in shares of Spotify Technology by 489.7% in the second quarter. Bank of Montreal Can now owns 139,741 shares of the company’s stock valued at $44,910,000 after buying an additional 116,045 shares during the period. Beck Capital Management LLC lifted its stake in shares of Spotify Technology by 22.3% in the second quarter. Beck Capital Management LLC now owns 10,974 shares of the company’s stock valued at $3,443,000 after buying an additional 2,002 shares during the period. Finally, D1 Capital Partners L.P. lifted its stake in Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after purchasing an additional 36,000 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of analyst reports. Rosenblatt Securities raised their price target on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Macquarie raised their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Evercore ISI raised their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley lifted their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, TD Cowen boosted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Trading Up 1.1 %

SPOT opened at $369.03 on Tuesday. Spotify Technology S.A. has a twelve month low of $145.76 and a twelve month high of $371.11. 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 company has a fifty day moving average of $332.83 and a 200-day moving average of $308.36. The stock has a market cap of $70.19 billion, a PE ratio of -550.79 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the company posted ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.31 EPS 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.