Privium Fund Management B.V. Sells 19,000 Shares of Spotify Technology $SPOT

Privium Fund Management B.V. cut its holdings in Spotify Technology (NYSE:SPOT) by 16.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 95,000 shares of the company’s stock after selling 19,000 shares during the period. Spotify Technology accounts for about 11.9% of Privium Fund Management B.V.’s holdings, making the stock its 2nd biggest position. Privium Fund Management B.V.’s holdings in Spotify Technology were worth $66,310,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SPOT. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at $312,000. HB Wealth Management LLC lifted its position in Spotify Technology by 8.1% during the second quarter. HB Wealth Management LLC now owns 2,709 shares of the company’s stock worth $2,079,000 after buying an additional 204 shares during the period. Truist Financial Corp boosted its stake in Spotify Technology by 25.1% in the 2nd quarter. Truist Financial Corp now owns 30,602 shares of the company’s stock worth $23,482,000 after buying an additional 6,131 shares during the last quarter. Institute for Wealth Management LLC. purchased a new stake in Spotify Technology in the 2nd quarter valued at about $245,000. Finally, PFG Investments LLC grew its holdings in Spotify Technology by 65.4% in the 2nd quarter. PFG Investments LLC now owns 1,133 shares of the company’s stock valued at $869,000 after buying an additional 448 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Benchmark lowered their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. UBS Group cut their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Finally, Pivotal Research reduced their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Price Performance

NYSE:SPOT opened at $499.69 on Friday. The business’s 50-day moving average is $558.79 and its two-hundred day moving average is $637.52. The firm has a market capitalization of $102.88 billion, a PE ratio of 78.57, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the business earned $1.45 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.