AustralianSuper Pty Ltd Has $45.81 Million Position in Spotify Technology $SPOT

AustralianSuper Pty Ltd reduced its stake in Spotify Technology (NYSE:SPOT) by 39.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,629 shares of the company’s stock after selling 43,349 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Spotify Technology were worth $45,809,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Spotify Technology in the second quarter valued at approximately $768,915,000. Fisher Asset Management LLC boosted its stake in Spotify Technology by 22.7% during the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after acquiring an additional 460,115 shares in the last quarter. Bessemer Group Inc. grew its holdings in Spotify Technology by 215.3% in the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after purchasing an additional 345,048 shares during the period. Franklin Resources Inc. increased its stake in Spotify Technology by 41.8% in the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock valued at $867,937,000 after purchasing an additional 333,537 shares in the last quarter. Finally, Brown Advisory Inc. increased its stake in Spotify Technology by 931.2% in the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after purchasing an additional 327,667 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPOT. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Citizens Jmp initiated coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday, December 29th. Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $730.94.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $509.25 on Thursday. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00. The company has a market capitalization of $104.85 billion, a PE ratio of 80.07, a price-to-earnings-growth ratio of 0.98 and a beta of 1.66. The business has a fifty day moving average price of $562.22 and a two-hundred day moving average price of $639.98.

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