KLP Kapitalforvaltning AS Sells 2,200 Shares of Spotify Technology $SPOT

KLP Kapitalforvaltning AS cut its position in Spotify Technology (NYSE:SPOT) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 133,500 shares of the company’s stock after selling 2,200 shares during the period. KLP Kapitalforvaltning AS owned about 0.07% of Spotify Technology worth $93,183,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Integrated Wealth Concepts LLC increased its stake in Spotify Technology by 39.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after purchasing an additional 769 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Spotify Technology by 0.4% during the first quarter. NewEdge Advisors LLC now owns 9,238 shares of the company’s stock worth $5,081,000 after acquiring an additional 39 shares in the last quarter. Great Lakes Advisors LLC raised its holdings in shares of Spotify Technology by 5.5% during the first quarter. Great Lakes Advisors LLC now owns 636 shares of the company’s stock worth $350,000 after acquiring an additional 33 shares during the period. Arete Wealth Advisors LLC raised its holdings in shares of Spotify Technology by 36.6% during the first quarter. Arete Wealth Advisors LLC now owns 840 shares of the company’s stock worth $462,000 after acquiring an additional 225 shares during the period. Finally, Ascent Group LLC lifted its position in Spotify Technology by 90.9% in the 1st quarter. Ascent Group LLC now owns 1,430 shares of the company’s stock valued at $787,000 after acquiring an additional 681 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $571.89 on Wednesday. The company has a fifty day moving average price of $599.46 and a two-hundred day moving average price of $663.36. Spotify Technology has a one year low of $451.43 and a one year high of $785.00. The stock has a market cap of $117.75 billion, a P/E ratio of 89.92, a P/E/G ratio of 1.06 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 (EPS) for the quarter, beating 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 company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the firm earned $1.45 EPS. Spotify Technology’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Rosenblatt Securities dropped their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Guggenheim reduced their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Citizens Jmp began coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

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.