Spotify Technology $SPOT Position Cut by Allianz Asset Management GmbH

Allianz Asset Management GmbH reduced its holdings in Spotify Technology (NYSE:SPOT) by 6.8% during the 3rd quarter, Holdings Channel reports. The fund owned 284,351 shares of the company’s stock after selling 20,774 shares during the quarter. Allianz Asset Management GmbH’s holdings in Spotify Technology were worth $198,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology in the second quarter worth $312,000. Hilltop National Bank acquired a new stake in Spotify Technology in the second quarter worth about $82,000. Ameritas Advisory Services LLC bought a new position in Spotify Technology in the 2nd quarter valued at about $185,000. Ascent Group LLC grew its position in Spotify Technology by 4.1% in the 2nd quarter. Ascent Group LLC now owns 1,489 shares of the company’s stock valued at $1,143,000 after buying an additional 59 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in Spotify Technology by 3.9% during the 2nd quarter. QRG Capital Management Inc. now owns 738 shares of the company’s stock valued at $566,000 after buying an additional 28 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SPOT. Sanford C. Bernstein reduced their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Cantor Fitzgerald decreased their price target on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Pivotal Research cut their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $727.71.

Spotify Technology Stock Up 1.7%

Shares of NYSE SPOT opened at $508.85 on Tuesday. The stock’s fifty day simple moving average is $557.25 and its 200 day simple moving average is $635.03. The stock has a market capitalization of $104.77 billion, a price-to-earnings ratio of 80.01, a PEG ratio of 0.96 and a beta of 1.66. Spotify Technology has a 52-week low of $475.01 and a 52-week high of $785.00.

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