LGT Fund Management Co Ltd. Sells 4,913 Shares of Spotify Technology $SPOT

LGT Fund Management Co Ltd. decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 34.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,177 shares of the company’s stock after selling 4,913 shares during the period. LGT Fund Management Co Ltd.’s holdings in Spotify Technology were worth $6,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sage Mountain Advisors LLC raised its holdings in Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock worth $201,000 after purchasing an additional 17 shares during the period. Fullerton Fund Management Co Ltd. increased its position in Spotify Technology by 7.0% in the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after buying an additional 18 shares in the last quarter. Granite Group Advisors LLC increased its position in Spotify Technology by 2.6% in the third quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock worth $528,000 after buying an additional 19 shares in the last quarter. Ameritas Advisory Services LLC raised its stake in shares of Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares during the period. Finally, Aprio Wealth Management LLC raised its stake in shares of Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 2.6%

Shares of SPOT opened at $566.73 on Monday. The business’s 50 day moving average is $507.95 and its 200 day moving average is $600.68. The company has a market capitalization of $116.68 billion, a PE ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SPOT shares. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research note on Friday, January 30th. Sanford C. Bernstein lowered their price target on shares of 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 dropped their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two research 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $698.91.

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.