Spotify Technology $SPOT Shares Sold by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC decreased its holdings in Spotify Technology (NYSE:SPOT) by 11.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,735 shares of the company’s stock after selling 3,468 shares during the quarter. Spotify Technology accounts for about 2.5% of Abacus FCF Advisors LLC’s investment portfolio, making the stock its 10th largest position. Abacus FCF Advisors LLC’s holdings in Spotify Technology were worth $18,661,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of SPOT. Simplify Asset Management Inc. acquired a new position in shares of Spotify Technology in the 3rd quarter worth $574,000. Albion Financial Group UT lifted its holdings in shares of Spotify Technology by 80.0% during the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after purchasing an additional 20 shares during the last quarter. Annex Advisory Services LLC boosted its position in shares of Spotify Technology by 7.8% in the 3rd quarter. Annex Advisory Services LLC now owns 58,186 shares of the company’s stock valued at $40,613,000 after purchasing an additional 4,202 shares during the period. FFG Partners LLC increased its stake in Spotify Technology by 7.4% in the 3rd quarter. FFG Partners LLC now owns 16,445 shares of the company’s stock worth $11,479,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Ethic Inc. increased its stake in Spotify Technology by 3.1% in the 3rd quarter. Ethic Inc. now owns 22,508 shares of the company’s stock worth $15,711,000 after purchasing an additional 682 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on SPOT shares. Citigroup raised their target price on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 22nd. Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Pivotal Research decreased their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $581.62 on Tuesday. Spotify Technology has a one year low of $443.21 and a one year high of $785.00. The business’s 50-day moving average price is $609.79 and its two-hundred day moving average price is $668.97. The company has a market capitalization of $119.75 billion, a P/E ratio of 91.45, a price-to-earnings-growth ratio of 1.88 and a beta of 1.66.

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

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.