Lakehouse Capital Pty Ltd Sells 8,700 Shares of Spotify Technology S.A. (NYSE:SPOT)

Lakehouse Capital Pty Ltd lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,389 shares of the company’s stock after selling 8,700 shares during the quarter. Spotify Technology makes up approximately 7.4% of Lakehouse Capital Pty Ltd’s holdings, making the stock its 9th largest holding. Lakehouse Capital Pty Ltd’s holdings in Spotify Technology were worth $10,911,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV raised its holdings in Spotify Technology by 20.1% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 2,600 shares of the company’s stock valued at $816,000 after acquiring an additional 435 shares during the last quarter. Amalgamated Bank increased its stake in Spotify Technology by 5.9% in the second quarter. Amalgamated Bank now owns 9,812 shares of the company’s stock valued at $3,079,000 after purchasing an additional 548 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Spotify Technology by 33.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 5,465 shares of the company’s stock worth $1,715,000 after buying an additional 1,371 shares during the period. Benjamin Edwards Inc. boosted its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Finally, AE Wealth Management LLC grew its holdings in Spotify Technology by 57.6% in the 2nd quarter. AE Wealth Management LLC now owns 1,240 shares of the company’s stock valued at $389,000 after buying an additional 453 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. UBS Group increased their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Bank of America boosted their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Benchmark restated a “buy” rating and set a $520.00 price target on shares of Spotify Technology in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $441.21.

Spotify Technology Stock Down 0.9 %

Shares of SPOT opened at $486.07 on Tuesday. The firm has a market cap of $96.75 billion, a price-to-earnings ratio of 132.08 and a beta of 1.62. The business’s 50 day moving average is $470.33 and its two-hundred day moving average is $391.64. Spotify Technology S.A. has a 52-week low of $200.81 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 earnings per share. On average, equities analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

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.