Privium Fund Management B.V. Sells 19,000 Shares of Spotify Technology $SPOT

Privium Fund Management B.V. lowered its position in Spotify Technology (NYSE:SPOT) by 16.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 95,000 shares of the company’s stock after selling 19,000 shares during the period. Spotify Technology comprises approximately 11.9% of Privium Fund Management B.V.’s holdings, making the stock its 2nd largest position. Privium Fund Management B.V.’s holdings in Spotify Technology were worth $66,310,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in SPOT. Norges Bank purchased a new position in shares of Spotify Technology during the 2nd quarter worth approximately $768,915,000. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 22.7% in the second 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 in the last quarter. Bessemer Group Inc. grew its holdings in Spotify Technology by 215.3% during the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after acquiring an additional 345,048 shares during the period. Franklin Resources Inc. grew its holdings in Spotify Technology by 41.8% during the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after acquiring an additional 333,537 shares during the period. Finally, Brown Advisory Inc. raised its position in Spotify Technology by 931.2% in the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock worth $278,456,000 after acquiring an additional 327,667 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. Moffett Nathanson began coverage on shares of Spotify Technology in a research report on Tuesday. They set a “neutral” rating and a $487.00 target price on the stock. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research note on Friday. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Cantor Fitzgerald reduced their price target on shares of Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $727.71.

Spotify Technology Stock Performance

SPOT stock opened at $499.69 on Friday. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00. The stock’s 50 day moving average price is $558.79 and its 200 day moving average price is $637.52. The firm has a market cap of $102.88 billion, a P/E ratio of 78.57, a PEG ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share 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 the consensus estimate of $4.23 billion. During the same quarter last year, the business posted $1.45 earnings per share. Spotify Technology’s revenue was up 7.1% compared to the same quarter last year. On average, research analysts predict that Spotify Technology will post 10.3 earnings per share 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.