Pitcairn Co. Trims Holdings in Spotify Technology $SPOT

Pitcairn Co. reduced its position in shares of Spotify Technology (NYSE:SPOT) by 31.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,932 shares of the company’s stock after selling 2,762 shares during the period. Pitcairn Co.’s holdings in Spotify Technology were worth $4,141,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. lifted 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 worth $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the second quarter worth $29,000. Finally, Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on SPOT. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price for the company in a research note on Friday, January 30th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a report on Thursday, February 26th. Wells Fargo & Company decreased their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, Guggenheim decreased their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Stock Up 3.7%

Shares of SPOT stock opened at $553.87 on Friday. The stock has a market cap of $114.00 billion, a price-to-earnings ratio of 57.46, a price-to-earnings-growth ratio of 1.17 and a beta of 1.66. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm’s 50 day moving average price is $508.31 and its two-hundred day moving average price is $603.35.

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