TD Asset Management Inc Decreases Position in Spotify Technology $SPOT

TD Asset Management Inc decreased its position in Spotify Technology (NYSE:SPOT) by 6.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 245,460 shares of the company’s stock after selling 17,753 shares during the period. TD Asset Management Inc owned about 0.12% of Spotify Technology worth $171,331,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Spotify Technology in the 2nd quarter valued at about $768,915,000. Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Spotify Technology by 41.8% in the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock valued at $867,937,000 after purchasing an additional 333,537 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of Spotify Technology by 931.2% during the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock worth $278,456,000 after purchasing an additional 327,667 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $463.41 on Thursday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The business has a 50-day moving average of $515.33 and a two-hundred day moving average of $610.21. The stock has a market capitalization of $95.38 billion, a price-to-earnings ratio of 48.07, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66.

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, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company earned $1.88 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. KeyCorp reduced their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Sanford C. Bernstein decreased their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. Cantor Fitzgerald cut their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $702.55.

Spotify Technology Company 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.