KPS Global Asset Management UK Ltd Sells 2,500 Shares of Spotify Technology $SPOT

KPS Global Asset Management UK Ltd reduced its stake in shares of Spotify Technology (NYSE:SPOT) by 1.3% in the 3rd quarter, Holdings Channel reports. The fund owned 197,500 shares of the company’s stock after selling 2,500 shares during the period. Spotify Technology makes up 17.5% of KPS Global Asset Management UK Ltd’s investment portfolio, making the stock its 2nd largest position. KPS Global Asset Management UK Ltd’s holdings in Spotify Technology were worth $137,855,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SPOT. Albion Financial Group UT grew its stake in shares of Spotify Technology by 80.0% during the 3rd quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after purchasing an additional 20 shares during the period. Annex Advisory Services LLC lifted its stake in shares of Spotify Technology by 7.8% in the 3rd quarter. Annex Advisory Services LLC now owns 58,186 shares of the company’s stock valued at $40,613,000 after purchasing an additional 4,202 shares during the period. FFG Partners LLC lifted its stake in shares of Spotify Technology by 7.4% in the 3rd quarter. FFG Partners LLC now owns 16,445 shares of the company’s stock valued at $11,479,000 after purchasing an additional 1,135 shares during the period. Ethic Inc. boosted its holdings in Spotify Technology by 3.1% during the third quarter. Ethic Inc. now owns 22,508 shares of the company’s stock worth $15,711,000 after buying an additional 682 shares in the last quarter. Finally, Permanent Capital Management LP acquired a new stake in Spotify Technology during the third quarter valued at $401,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.5%

SPOT opened at $581.62 on Tuesday. The company has a market cap of $119.75 billion, a PE ratio of 91.45, a price-to-earnings-growth ratio of 1.88 and a beta of 1.66. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The company has a 50-day moving average price of $609.79 and a 200 day moving average price of $668.97.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period in the previous year, the business earned $1.45 EPS. Spotify Technology’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on SPOT. Argus initiated coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Rosenblatt Securities reduced their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Finally, Pivotal Research dropped their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology 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.