Allianz Asset Management GmbH Decreases Stake in Spotify Technology $SPOT

Allianz Asset Management GmbH cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 6.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 284,351 shares of the company’s stock after selling 20,774 shares during the period. Allianz Asset Management GmbH owned about 0.14% of Spotify Technology worth $198,477,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp grew its stake in Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after purchasing an additional 74,256 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after buying an additional 460,115 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Spotify Technology by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after buying an additional 49,377 shares in the last quarter. Invesco Ltd. increased its stake in shares of Spotify Technology by 17.3% in the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after buying an additional 214,355 shares during the last quarter. Finally, Edgewood Management LLC raised its holdings in Spotify Technology by 14.4% in the second quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock valued at $959,015,000 after acquiring an additional 157,567 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on SPOT. Cantor Fitzgerald decreased their price objective on shares of Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Rosenblatt Securities decreased their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $508.85 on Tuesday. The firm has a market capitalization of $104.77 billion, a PE ratio of 80.01, a P/E/G ratio of 0.96 and a beta of 1.66. Spotify Technology has a 1-year low of $475.01 and a 1-year high of $785.00. The business’s fifty day moving average price is $557.25 and its two-hundred day moving average price is $635.03.

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

Spotify Technology Company 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.