Alberta Investment Management Corp Sells 8,600 Shares of Spotify Technology $SPOT

Alberta Investment Management Corp reduced its stake in shares of Spotify Technology (NYSE:SPOT) by 68.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,900 shares of the company’s stock after selling 8,600 shares during the quarter. Alberta Investment Management Corp’s holdings in Spotify Technology were worth $2,722,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Bornite Capital Management LP bought a new stake in shares of Spotify Technology in the 3rd quarter worth about $17,450,000. CenterBook Partners LP lifted its holdings in Spotify Technology by 306.4% during the 3rd quarter. CenterBook Partners LP now owns 9,229 shares of the company’s stock valued at $6,442,000 after purchasing an additional 6,958 shares during the last quarter. MJP Associates Inc. ADV boosted its position in Spotify Technology by 94.1% in the third quarter. MJP Associates Inc. ADV now owns 728 shares of the company’s stock valued at $508,000 after buying an additional 353 shares in the last quarter. Syon Capital LLC grew its stake in Spotify Technology by 14.8% during the third quarter. Syon Capital LLC now owns 8,637 shares of the company’s stock worth $6,029,000 after buying an additional 1,115 shares during the last quarter. Finally, Advisors Capital Management LLC increased its holdings in shares of Spotify Technology by 107.2% during the third quarter. Advisors Capital Management LLC now owns 576 shares of the company’s stock worth $402,000 after buying an additional 298 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $485.13 on Friday. The firm has a fifty day moving average of $523.96 and a two-hundred day moving average of $616.25. The stock has a market capitalization of $99.85 billion, a price-to-earnings ratio of 50.33, a PEG ratio of 1.06 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

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

Analyst Ratings Changes

Several brokerages have recently commented on SPOT. Guggenheim reduced their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. KeyCorp cut their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Finally, Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Two 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $706.42.

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.