Spotify Technology $SPOT Shares Sold by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 11.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 26,735 shares of the company’s stock after selling 3,468 shares during the period. Spotify Technology comprises about 2.5% of Abacus FCF Advisors LLC’s portfolio, making the stock its 10th biggest holding. Abacus FCF Advisors LLC’s holdings in Spotify Technology were worth $18,661,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SPOT. Sapient Capital LLC acquired a new stake in Spotify Technology during the 2nd quarter valued at $322,000. Legacy Capital Group California Inc. grew its holdings in shares of Spotify Technology by 110.9% during the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after purchasing an additional 2,049 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in shares of Spotify Technology by 39.8% in the first quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock valued at $1,486,000 after buying an additional 769 shares in the last quarter. Swedbank AB raised its holdings in shares of Spotify Technology by 1.4% in the first quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after buying an additional 13,458 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Spotify Technology in the second quarter valued at about $18,877,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of SPOT stock opened at $581.62 on Tuesday. The stock has a market cap of $119.75 billion, a PE ratio of 91.45, a price-to-earnings-growth ratio of 1.88 and a beta of 1.66. The stock has a 50-day moving average of $609.79 and a 200-day moving average of $668.97. Spotify Technology has a one year low of $443.21 and a one year high of $785.00.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Argus began coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target for the company. Rosenblatt Securities decreased their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 22nd. Citigroup upped their target price on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research report on Tuesday, September 9th. Finally, Pivotal Research lowered their price target on shares of 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 assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Company 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.