WCM Investment Management LLC Lowers Stake in Spotify Technology S.A. (NYSE:SPOT)

WCM Investment Management LLC lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,789,283 shares of the company’s stock after selling 84,342 shares during the quarter. Spotify Technology makes up approximately 4.0% of WCM Investment Management LLC’s portfolio, making the stock its 4th biggest holding. WCM Investment Management LLC owned 1.90% of Spotify Technology worth $1,711,960,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. grew its position in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.4 %

Shares of SPOT stock opened at $623.54 on Friday. Spotify Technology S.A. has a 12-month low of $228.07 and a 12-month high of $632.45. The firm’s 50 day moving average is $493.96 and its 200 day moving average is $414.66. The stock has a market capitalization of $124.12 billion, a P/E ratio of 104.80 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the business posted $0.36 EPS. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology S.A. will post 9.69 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Barclays upped their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Macquarie boosted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $514.79.

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.