Spotify Technology $SPOT Position Cut by Fayez Sarofim & Co

Fayez Sarofim & Co reduced its holdings in Spotify Technology (NYSE:SPOT) by 34.0% during the 3rd quarter, Holdings Channel reports. The fund owned 31,833 shares of the company’s stock after selling 16,385 shares during the quarter. Fayez Sarofim & Co’s holdings in Spotify Technology were worth $22,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Fred Alger Management LLC boosted its position in Spotify Technology by 30.2% during the 3rd quarter. Fred Alger Management LLC now owns 500,201 shares of the company’s stock worth $349,140,000 after acquiring an additional 115,991 shares during the period. Focus Partners Wealth increased its holdings in shares of Spotify Technology by 98.1% during the third quarter. Focus Partners Wealth now owns 29,769 shares of the company’s stock valued at $20,778,000 after purchasing an additional 14,745 shares during the period. Delta Global Management LP increased its holdings in shares of Spotify Technology by 60.2% during the third quarter. Delta Global Management LP now owns 58,025 shares of the company’s stock valued at $40,501,000 after purchasing an additional 21,800 shares during the period. Emmett Investment Management LP raised its stake in shares of Spotify Technology by 1.1% during the third quarter. Emmett Investment Management LP now owns 14,263 shares of the company’s stock valued at $9,994,000 after purchasing an additional 160 shares in the last quarter. Finally, Coatue Management LLC raised its stake in shares of Spotify Technology by 13.3% during the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Guggenheim decreased their target price 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. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a report on Friday, January 30th. Finally, KeyCorp lowered their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $516.14 on Monday. The company has a market capitalization of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The stock has a fifty day moving average of $502.35 and a 200-day moving average of $594.68. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

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