LGT Fund Management Co Ltd. Cuts Stock Holdings in Spotify Technology $SPOT

LGT Fund Management Co Ltd. reduced its stake in Spotify Technology (NYSE:SPOT) by 34.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,177 shares of the company’s stock after selling 4,913 shares during the period. LGT Fund Management Co Ltd.’s holdings in Spotify Technology were worth $6,430,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology in the second quarter worth about $312,000. Moors & Cabot Inc. purchased a new stake in shares of Spotify Technology in the second quarter worth about $315,000. Atlantic Union Bankshares Corp bought a new position in Spotify Technology during the second quarter valued at approximately $127,000. Savant Capital LLC grew its holdings in Spotify Technology by 50.5% during the 2nd quarter. Savant Capital LLC now owns 2,767 shares of the company’s stock valued at $2,123,000 after buying an additional 929 shares in the last quarter. Finally, Wedbush Securities Inc. grew its holdings in Spotify Technology by 17.0% during the 2nd quarter. Wedbush Securities Inc. now owns 1,987 shares of the company’s stock valued at $1,525,000 after buying an additional 288 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. The Goldman Sachs Group raised 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 report on Friday, December 5th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. Finally, Guggenheim lowered their price objective on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Two equities research 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, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Price Performance

NYSE:SPOT opened at $566.73 on Monday. The firm has a market capitalization of $116.68 billion, a price-to-earnings ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. The business has a 50 day simple moving average of $507.95 and a 200-day simple moving average of $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 released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $1.88 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.