Victory Capital Management Inc. Sells 49,673 Shares of Spotify Technology $SPOT

Victory Capital Management Inc. reduced its position in Spotify Technology (NYSE:SPOT) by 41.7% in the third quarter, HoldingsChannel.com reports. The firm owned 69,587 shares of the company’s stock after selling 49,673 shares during the period. Victory Capital Management Inc.’s holdings in Spotify Technology were worth $48,572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology during the 2nd quarter valued at $29,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth $27,000. Greykasell Wealth Strategies Inc. increased its stake in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SPOT shares. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research report on Friday, January 30th. Moffett Nathanson assumed coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Guggenheim lowered their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Finally, Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $566.73 on Friday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business’s 50 day moving average is $507.95 and its two-hundred day moving average is $601.40. The stock has a market capitalization of $116.65 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping 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 firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $1.88 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities research analysts anticipate 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.