China Universal Asset Management Co. Ltd. Has $1.22 Million Stake in Spotify Technology $SPOT

China Universal Asset Management Co. Ltd. trimmed its stake in Spotify Technology (NYSE:SPOT) by 61.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,750 shares of the company’s stock after selling 2,800 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Spotify Technology were worth $1,222,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Y.D. More Investments Ltd grew its holdings in shares of Spotify Technology by 1.1% during the third quarter. Y.D. More Investments Ltd now owns 6,105 shares of the company’s stock valued at $4,261,000 after buying an additional 65 shares during the last quarter. Prakash Investment Advisors LLC lifted its position in Spotify Technology by 25.7% in the 3rd quarter. Prakash Investment Advisors LLC now owns 9,300 shares of the company’s stock valued at $6,491,000 after acquiring an additional 1,900 shares in the last quarter. Compass Wealth Management LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $8,398,000. Fiera Capital Corp increased its holdings in Spotify Technology by 15.8% during the 3rd quarter. Fiera Capital Corp now owns 11,835 shares of the company’s stock worth $8,261,000 after purchasing an additional 1,613 shares in the last quarter. Finally, L & S Advisors Inc increased its holdings in Spotify Technology by 0.7% during the 3rd quarter. L & S Advisors Inc now owns 3,455 shares of the company’s stock worth $2,412,000 after purchasing an additional 25 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on SPOT shares. Wells Fargo & Company cut their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Moffett Nathanson initiated coverage on Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target for the company. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Finally, Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Price Performance

NYSE SPOT opened at $490.98 on Friday. The business’s fifty day moving average is $521.83 and its 200-day moving average is $615.08. The stock has a market capitalization of $101.06 billion, a price-to-earnings ratio of 50.93, a PEG ratio of 1.07 and a beta of 1.66. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 earnings per share. Research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal 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.