J. Safra Sarasin Holding AG Trims Stake in Spotify Technology $SPOT

J. Safra Sarasin Holding AG lessened its holdings in Spotify Technology (NYSE:SPOT) by 50.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,527 shares of the company’s stock after selling 4,621 shares during the period. J. Safra Sarasin Holding AG’s holdings in Spotify Technology were worth $3,160,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Helios Capital Management PTE. Ltd. raised its position in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Generali Asset Management SPA SGR increased its position in shares of Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after purchasing an additional 16,054 shares during the last quarter. Cynosure Group LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at about $2,862,000. Ownership Capital B.V. bought a new stake in Spotify Technology in the 3rd quarter worth approximately $2,769,000. Finally, Commonwealth Equity Services LLC boosted its stake in Spotify Technology by 12.2% in the third quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock worth $13,036,000 after buying an additional 2,032 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $511.75 on Wednesday. Spotify Technology has a one year low of $475.01 and a one year high of $785.00. The business has a 50 day simple moving average of $564.41 and a two-hundred day simple moving average of $640.90. The firm has a market capitalization of $105.36 billion, a price-to-earnings ratio of 80.46, a PEG ratio of 0.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.45 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPOT. Pivotal Research lowered their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Cantor Fitzgerald lowered 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 note on Thursday, January 8th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. The Goldman Sachs Group upgraded 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. Finally, Guggenheim lowered their target price on Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $730.94.

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.