Mediolanum International Funds Ltd Lowers Position in Spotify Technology $SPOT

Mediolanum International Funds Ltd lessened its stake in Spotify Technology (NYSE:SPOT) by 20.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,328 shares of the company’s stock after selling 8,657 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Spotify Technology were worth $24,278,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Sivia Capital Partners LLC purchased a new position in Spotify Technology during the 2nd quarter worth $312,000. Truist Financial Corp lifted its position in shares of Spotify Technology by 25.1% during the second quarter. Truist Financial Corp now owns 30,602 shares of the company’s stock valued at $23,482,000 after purchasing an additional 6,131 shares in the last quarter. Hilltop National Bank bought a new position in shares of Spotify Technology during the second quarter valued at about $82,000. Synergy Asset Management LLC purchased a new position in Spotify Technology during the second quarter worth about $228,000. Finally, Ameritas Advisory Services LLC bought a new stake in Spotify Technology in the 2nd quarter worth about $185,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Moffett Nathanson started coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. UBS Group reduced their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $727.71.

Spotify Technology Stock Performance

Shares of SPOT opened at $499.69 on Friday. Spotify Technology has a fifty-two week low of $475.01 and a fifty-two week high of $785.00. The business has a 50-day moving average of $558.79 and a 200 day moving average of $637.01. The firm has a market cap of $102.88 billion, a P/E ratio of 78.57, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66.

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 analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter last year, the business earned $1.45 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.