TD Asset Management Inc Lowers Stake in Spotify Technology $SPOT

TD Asset Management Inc cut its position in shares of Spotify Technology (NYSE:SPOT) by 6.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 245,460 shares of the company’s stock after selling 17,753 shares during the period. TD Asset Management Inc’s holdings in Spotify Technology were worth $171,331,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sivia Capital Partners LLC acquired a new stake in Spotify Technology during the 2nd quarter worth approximately $312,000. Focus Partners Advisor Solutions LLC grew its stake in Spotify Technology by 37.3% during the second quarter. Focus Partners Advisor Solutions LLC now owns 909 shares of the company’s stock worth $698,000 after buying an additional 247 shares during the period. Brighton Jones LLC increased its position in shares of Spotify Technology by 998.6% in the second quarter. Brighton Jones LLC now owns 656 shares of the company’s stock worth $503,000 after acquiring an additional 729 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of Spotify Technology by 19.4% in the second quarter. Wealthfront Advisers LLC now owns 1,401 shares of the company’s stock worth $1,075,000 after acquiring an additional 228 shares in the last quarter. Finally, Advisory Alpha LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at $226,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SPOT shares. Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. Rosenblatt Securities reduced their price objective 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. Wells Fargo & Company lowered their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Cantor Fitzgerald lowered their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $702.55.

Spotify Technology Trading Down 0.5%

Shares of NYSE:SPOT opened at $463.41 on Thursday. The firm has a market cap of $95.38 billion, a PE ratio of 48.07, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. The company has a fifty day simple moving average of $515.33 and a 200 day simple moving average of $610.21. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.88 EPS. As a group, equities 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.