DAVENPORT & Co LLC Reduces Holdings in Spotify Technology $SPOT

DAVENPORT & Co LLC lessened its position in shares of Spotify Technology (NYSE:SPOT) by 14.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 176,386 shares of the company’s stock after selling 30,407 shares during the quarter. DAVENPORT & Co LLC’s holdings in Spotify Technology were worth $123,117,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Spotify Technology during the second quarter worth $768,915,000. Axiom Investors LLC DE grew its holdings in shares of Spotify Technology by 216.8% during the 1st quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock worth $395,847,000 after purchasing an additional 492,504 shares during the period. Fisher Asset Management LLC increased its position in shares of Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Spotify Technology by 215.3% during the 2nd 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Spotify Technology by 39.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company’s stock valued at $648,434,000 after buying an additional 336,162 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.0%

Shares of SPOT opened at $579.05 on Wednesday. The company has a market cap of $119.22 billion, a P/E ratio of 91.05, a PEG ratio of 1.87 and a beta of 1.66. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The firm’s 50 day moving average price is $616.65 and its 200 day moving average price is $672.24.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter last year, the company posted $1.45 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday. Rosenblatt Securities cut their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Finally, Citigroup upped their price target on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 9th. Two equities research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.