Schroder Investment Management Group Sells 57,662 Shares of Spotify Technology $SPOT

Schroder Investment Management Group cut its position in Spotify Technology (NYSE:SPOT) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,439,479 shares of the company’s stock after selling 57,662 shares during the period. Spotify Technology accounts for about 0.8% of Schroder Investment Management Group’s investment portfolio, making the stock its 19th biggest position. Schroder Investment Management Group’s holdings in Spotify Technology were worth $1,004,756,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Sivia Capital Partners LLC acquired a new position in Spotify Technology in the second quarter worth $312,000. Moors & Cabot Inc. acquired a new position in Spotify Technology during the 2nd quarter valued at about $315,000. Atlantic Union Bankshares Corp bought a new position in Spotify Technology in the second quarter valued at approximately $127,000. Savant Capital LLC grew its stake in shares of Spotify Technology by 50.5% during the second quarter. Savant Capital LLC now owns 2,767 shares of the company’s stock worth $2,123,000 after purchasing an additional 929 shares during the period. Finally, Wedbush Securities Inc. grew its position in shares of Spotify Technology by 17.0% during the 2nd quarter. Wedbush Securities Inc. now owns 1,987 shares of the company’s stock worth $1,525,000 after buying an additional 288 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SPOT shares. Guggenheim reduced their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Sanford C. Bernstein reduced their target price on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. UBS Group decreased their target price 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. Citizens Jmp initiated coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target for the company. Finally, Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Trading Up 2.6%

Shares of NYSE SPOT opened at $566.73 on Monday. The firm has a market cap of $116.68 billion, a PE ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The company has a fifty day moving average price of $507.95 and a 200 day moving average price of $600.68.

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