Mediolanum International Funds Ltd Sells 8,657 Shares of Spotify Technology $SPOT

Mediolanum International Funds Ltd trimmed its position in shares of Spotify Technology (NYSE:SPOT) by 20.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,328 shares of the company’s stock after selling 8,657 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Spotify Technology were worth $24,278,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Meridian Wealth Management LLC boosted its position in Spotify Technology by 158.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 835 shares of the company’s stock worth $583,000 after buying an additional 512 shares during the period. Principal Financial Group Inc. raised its holdings in Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after purchasing an additional 555,752 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Spotify Technology by 74.1% in the 3rd quarter. UMB Bank n.a. now owns 705 shares of the company’s stock valued at $492,000 after purchasing an additional 300 shares during the last quarter. Transcend Capital Advisors LLC increased its position in shares of Spotify Technology by 2.4% during the third quarter. Transcend Capital Advisors LLC now owns 1,345 shares of the company’s stock worth $939,000 after buying an additional 32 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Spotify Technology by 110.5% during the third quarter. Thrivent Financial for Lutherans now owns 434,389 shares of the company’s stock worth $303,204,000 after buying an additional 228,003 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Wells Fargo & Company dropped their price target on 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, Moffett Nathanson initiated coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Stock Down 0.8%

Shares of SPOT opened at $499.69 on Friday. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The business’s fifty day moving average is $558.79 and its 200 day moving average is $637.01. The stock has a market cap of $102.88 billion, a P/E ratio of 78.57, a P/E/G ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS 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 during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the previous year, the business posted $1.45 EPS. Spotify Technology’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.