Spotify Technology $SPOT Shares Sold by Pitcairn Co.

Pitcairn Co. lessened its stake in Spotify Technology (NYSE:SPOT) by 10.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,694 shares of the company’s stock after selling 987 shares during the period. Pitcairn Co.’s holdings in Spotify Technology were worth $6,671,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $768,915,000. Axiom Investors LLC DE increased its holdings in Spotify Technology by 216.8% in the first quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock valued at $395,847,000 after buying an additional 492,504 shares in the last quarter. Fisher Asset Management LLC raised its position 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 worth $1,909,920,000 after acquiring an additional 460,115 shares during the period. Bessemer Group Inc. boosted its stake in shares of Spotify Technology by 215.3% during the 2nd 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Spotify Technology by 39.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company’s stock worth $648,434,000 after acquiring an additional 336,162 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. BNP Paribas Exane assumed coverage on Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price for the company. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $758.86.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $597.27 on Friday. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00. The firm has a market capitalization of $122.97 billion, a PE ratio of 93.91, a P/E/G ratio of 1.97 and a beta of 1.66. The business’s 50 day moving average price is $631.45 and its 200-day moving average price is $677.39.

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

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.