Spotify Technology $SPOT Shares Sold by AGF Management Ltd.

AGF Management Ltd. lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 17.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 238,373 shares of the company’s stock after selling 48,794 shares during the period. AGF Management Ltd.’s holdings in Spotify Technology were worth $166,384,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SPOT. Knuff & Co LLC purchased a new stake in Spotify Technology during the second quarter worth $27,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at $27,000. Greykasell Wealth Strategies Inc. increased its stake in shares of 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 acquiring an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new position in Spotify Technology during the second quarter worth approximately $29,000. Finally, Westfuller Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPOT. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Sanford C. Bernstein reduced their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Finally, 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 note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $727.71.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $503.25 on Monday. Spotify Technology has a one year low of $475.01 and a one year high of $785.00. The company has a market capitalization of $103.61 billion, a PE ratio of 79.13, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. The stock has a fifty day moving average of $558.79 and a 200-day moving average of $636.52.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.45 EPS. As a group, research analysts forecast that Spotify Technology will post 10.3 EPS 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.