Covenant Partners LLC Sells 152 Shares of Spotify Technology S.A. (NYSE:SPOT)

by · The Cerbat Gem

Covenant Partners LLC trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) by 13.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 999 shares of the company’s stock after selling 152 shares during the quarter. Covenant Partners LLC’s holdings in Spotify Technology were worth $368,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. GQG Partners LLC bought a new position in Spotify Technology in the 1st quarter worth $610,040,000. Bamco Inc. NY lifted its position in shares of Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after buying an additional 190,931 shares in the last quarter. Swedbank AB grew its stake in shares of Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after acquiring an additional 99,730 shares during the period. Perpetual Ltd increased its holdings in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Finally, D1 Capital Partners L.P. raised its position in shares of Spotify Technology by 5.6% during the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Pivotal Research lifted their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a report on Wednesday, July 24th. Redburn Atlantic reaffirmed a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, TD Cowen lifted their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.43.

Read Our Latest Stock Analysis on Spotify Technology

Spotify Technology Stock Up 0.6 %

NYSE:SPOT traded up $2.29 during mid-day trading on Friday, reaching $379.16. The company’s stock had a trading volume of 789,763 shares, compared to its average volume of 1,849,685. 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 firm has a market capitalization of $72.12 billion, a PE ratio of -565.91 and a beta of 1.58. The stock has a fifty day moving average of $357.03 and a 200-day moving average of $325.69. Spotify Technology S.A. has a 1 year low of $155.00 and a 1 year high of $389.48.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its quarterly earnings data 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 firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the firm earned ($1.69) earnings per share. Equities research analysts forecast that Spotify Technology S.A. will post 6.22 earnings per share for the current year.

Spotify Technology Profile

(Free Report)

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.

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