Spotify Technology $SPOT Shares Sold by Gavilan Investment Partners LLC

Gavilan Investment Partners LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 13.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,000 shares of the company’s stock after selling 6,000 shares during the quarter. Spotify Technology comprises 6.2% of Gavilan Investment Partners LLC’s investment portfolio, making the stock its 8th biggest holding. Gavilan Investment Partners LLC’s holdings in Spotify Technology were worth $27,920,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Knuff & Co LLC purchased a new stake in Spotify Technology in the second quarter valued at approximately $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology during the second quarter worth approximately $29,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. increased its holdings in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares during the period. Finally, Westfuller Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $566.73 on Monday. The firm has a market cap of $116.68 billion, a price-to-earnings ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. The firm’s fifty day moving average price is $507.95 and its 200 day moving average price is $600.68. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPOT shares. Barclays increased their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. Benchmark reduced their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $698.91.

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.