Knights of Columbus Asset Advisors LLC Sells 1,063 Shares of Spotify Technology $SPOT

Knights of Columbus Asset Advisors LLC reduced its stake in Spotify Technology (NYSE:SPOT) by 35.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,940 shares of the company’s stock after selling 1,063 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in Spotify Technology were worth $1,354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the second quarter worth $27,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth $27,000. Total Investment Management Inc. bought a new position in Spotify Technology in the 2nd quarter worth $29,000. Westfuller Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth $29,000. Finally, Albion Financial Group UT boosted its holdings in Spotify Technology by 80.0% during the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $499.69 on Friday. The firm has a fifty day moving average of $558.79 and a 200-day moving average of $637.01. The stock has a market cap of $102.88 billion, a price-to-earnings ratio of 78.57, a P/E/G ratio of 0.96 and a beta of 1.66. Spotify Technology has a 52-week low of $475.01 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the previous year, the firm posted $1.45 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SPOT. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Pivotal Research dropped their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Cantor Fitzgerald reduced their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Finally, Sanford C. Bernstein cut their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $727.71.

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.