Spotify Technology S.A. experienced lower-than-expected quarterly earnings, with EPS at $1.43%, $0.15% lower than the consensus estimate. The net margin was negative by 3.48%, and the return on equity was negative by 17.78%. The actual revenue for the quarter was $3.23 billion, less than the expected consensus estimate of $3.26 billion. Various analysts have expressed their opinions on the company. Rosenblatt Securities upped their price objective on Spotify Technology to $110.00 and gave the company a “neutral” rating, while Jefferies Financial Group downgraded Spotify Technology from a “buy” rating to a “hold” rating. Spotify Technology S.A. is a digital music service that gives users immediate access to a large music library. There are two ways to make money from it: premium and ad-supported. Premium customers can listen to unlimited high-quality streaming music and podcasts on their personal computers, tablets, and mobile devices, whether they are connected to the internet or not.
Assenagon Asset Management S.A. Decreases its Stake in Spotify Technology S.A. (NYSE:SPOT)
Assenagon Asset Management S.A. decreased its holdings in Spotify Technology S.A. (NYSE: SPOT) by 7.1% during the fourth quarter, as per the latest Form 13F filing submitted by the company to the Securities and Exchange Commission (SEC). The filing showed that the fund sold 31,074 shares of the company’s stock during the period covered by the report, bringing its total holdings to 409,500 shares.
As per the recent disclosure made by Assenagon Asset Management S.A. with the SEC, the company owned 0.21% of Spotify Technology, with a total value of $32,330,000.
Several other hedge funds and institutional investors have also made transactions involving the purchase and sale of SPOT shares in recent times. During the third quarter, Baillie Gifford & Co boosted its holdings of Spotify Technology shares by 6.7%, acquiring 1,764,880 shares. Meanwhile, BlackRock INC increased its position in the company’s stock by 20.2%, owning 4,214,562 shares valued at $363,717,000. Additionally, Renaissance Technologies LLC raised its ownership in Spotify Technology by 135.4%, owning 591,700 shares with a value of $55,519,000.
On the other hand, the percentage of ownership in Spotify Technology held by Samlyn Capital LLC rose to 394.4% during the third quarter. Similarly, Alecta Tjanstepension Omsesidigt boosted its share in Spotify Technology by 9.0% during the same period.
Currently, institutional investors own 52.8% of the company’s stock. As of Tuesday, the price of one share of SPOT stock was $126.41, with the moving average for the company over the past 50 days at $114.67 and the moving average for the past 200 days at $95.32.
Spotify Technologies (NYSE: SPOT) disclosed its most recent quarterly results report on January 31st.
Spotify Technology S.A. Announces Lower-than-Expected Quarterly Earnings
Spotify Technology S.A. announced earnings per share (EPS) of $1.43% for the quarter, which was $0.15% lower than the consensus estimate of $1.28% among market analysts. The actual revenue for the quarter was $3.23 billion, which is lower than the expected consensus estimate of $3.26 billion.
The net margin for the company was negative by 3.48%, and the return on equity was negative by 17.78%. According to the projections of market analysts, Spotify Technology S.A. would bring in $2.15 less profit per share during the current financial year.
Recent commentary on the company has come from several different analysts. Rosenblatt Securities upped their price objective on Spotify Technology from $87.00 to $110.00 and gave the company a “neutral” rating in a report released on February 1st. Jefferies Financial Group downgraded Spotify Technology from a “buy” rating to a “hold” rating and lowered its target price for the company from $115.00 to $95.00 in a research report published on January 12th.
The UBS Group lowered the target price it has set for Spotify Technology from $142.00 to $100.00 due to a research note published on January 5th. However, Piper Sandler increased their target price on Spotify Technology from $87.00 to $105.00 in a research note published on January 31st, while Barclays increased their target price from $131.00 to $145.00 and gave the company an “overweight” rating in a research note published on February 1st.
Eight research analysts have given the stock a hold rating, while thirteen have given it a buy rating. According to the data provided by Bloomberg, the stock is now rated as having a “Moderate Buy” average recommendation and has a price target of $131.77.
Spotify Technologies S.A. is a digital music service that gives users immediate access to a large music library. The service is targeted towards people who enjoy listening to music. There are two ways to make money from it: premium and ad-supported. Premium customers can listen to unlimited high-quality streaming music and podcasts on their personal computers, tablets, and mobile devices, whether they are connected to the internet or not.
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