Spotify Technology $SPOT Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its holdings in Spotify Technology (NYSE:SPOT) by 14.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 176,386 shares of the company’s stock after selling 30,407 shares during the quarter. DAVENPORT & Co LLC owned 0.09% of Spotify Technology worth $123,117,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Knuff & Co LLC purchased a new stake in Spotify Technology in the 2nd quarter worth $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the third quarter valued at $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology in the second quarter valued at about $29,000. Sound Income Strategies LLC increased its stake in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares in the last quarter. Finally, GFG Capital LLC acquired a new position in shares of Spotify Technology during the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $579.05 on Wednesday. The business’s 50 day moving average price is $616.65 and its 200 day moving average price is $672.24. The company has a market cap of $119.22 billion, a price-to-earnings ratio of 91.05, a PEG ratio of 1.87 and a beta of 1.66. Spotify Technology has a one year low of $443.21 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period last year, the company earned $1.45 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on SPOT. Cantor Fitzgerald lifted their price objective on Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Barclays decreased their target price on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target for the company. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Two 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $760.23.

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.