Fernbridge Capital Management LP Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Fernbridge Capital Management LP decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 19.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 122,418 shares of the company’s stock after selling 28,637 shares during the quarter. Spotify Technology accounts for about 2.6% of Fernbridge Capital Management LP’s investment portfolio, making the stock its 16th largest position. Fernbridge Capital Management LP owned approximately 0.06% of Spotify Technology worth $38,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the second quarter worth about $25,000. Benjamin Edwards Inc. raised its stake in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the period. Finally, Asset Dedication LLC purchased a new stake in shares of Spotify Technology in the second quarter worth $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE SPOT opened at $365.17 on Friday. The company has a market cap of $72.69 billion, a PE ratio of -545.02 and a beta of 1.57. The firm’s 50 day moving average price is $331.49 and its 200-day moving average price is $307.39. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a 52-week low of $145.76 and a 52-week high of $368.29.

Spotify Technology (NYSE:SPOT) last announced its quarterly 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. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the business posted ($1.69) EPS. Sell-side analysts forecast that Spotify Technology S.A. will post 6.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent analyst reports. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. UBS Group increased their target price on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. TD Cowen upped their price target on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Guggenheim boosted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group restated a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Company 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.