Spotify Technology $SPOT Shares Sold by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 39.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 65,629 shares of the company’s stock after selling 43,349 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Spotify Technology were worth $45,809,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Knuff & Co LLC acquired a new position in shares of Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. increased its stake in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the period. Total Investment Management Inc. bought a new stake in shares of Spotify Technology during the 2nd quarter worth about $29,000. Finally, Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $29,000. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on SPOT. Moffett Nathanson began coverage on Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price for the company. Wells Fargo & Company decreased their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Guggenheim reduced their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Finally, Sanford C. Bernstein dropped their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. 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. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Stock Performance

Spotify Technology stock opened at $462.69 on Wednesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a market capitalization of $95.24 billion, a price-to-earnings ratio of 48.00, a P/E/G ratio of 1.08 and a beta of 1.66. The company has a 50 day moving average price of $528.86 and a 200 day moving average price of $618.16.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

About Spotify Technology

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.