Spotify Technology $SPOT Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its stake in shares of Spotify Technology (NYSE:SPOT) by 31.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,932 shares of the company’s stock after selling 2,762 shares during the quarter. Pitcairn Co.’s holdings in Spotify Technology were worth $4,141,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Spotify Technology during the second quarter valued at approximately $768,915,000. Principal Financial Group Inc. grew 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 valued at $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Fisher Asset Management LLC increased its stake in Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares during the period. Franklin Resources Inc. increased its stake in Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after buying an additional 333,537 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Spotify Technology by 931.2% in the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock worth $278,456,000 after buying an additional 327,667 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 3.7%

NYSE:SPOT opened at $553.87 on Friday. The company has a market cap of $114.00 billion, a PE ratio of 57.46, a P/E/G ratio of 1.17 and a beta of 1.66. The business’s 50 day moving average is $508.31 and its two-hundred day moving average is $603.35. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) 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 business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the company posted $1.88 EPS. The business’s revenue was up 6.8% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SPOT shares. Moffett Nathanson initiated coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price for the company. Citizens Jmp initiated coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Finally, Guggenheim decreased their price target 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 investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Company 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.