Spotify Technology $SPOT is KPS Global Asset Management UK Ltd’s 2nd Largest Position

KPS Global Asset Management UK Ltd lowered its position in Spotify Technology (NYSE:SPOT) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 197,500 shares of the company’s stock after selling 2,500 shares during the period. Spotify Technology makes up about 17.5% of KPS Global Asset Management UK Ltd’s portfolio, making the stock its 2nd largest position. KPS Global Asset Management UK Ltd owned approximately 0.10% of Spotify Technology worth $137,855,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SPOT. Albion Financial Group UT grew its holdings in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after purchasing an additional 20 shares during the last quarter. Annex Advisory Services LLC boosted its position in shares of Spotify Technology by 7.8% in the 3rd quarter. Annex Advisory Services LLC now owns 58,186 shares of the company’s stock worth $40,613,000 after purchasing an additional 4,202 shares in the last quarter. FFG Partners LLC grew its stake in Spotify Technology by 7.4% during the 3rd quarter. FFG Partners LLC now owns 16,445 shares of the company’s stock worth $11,479,000 after buying an additional 1,135 shares during the last quarter. Ethic Inc. grew its stake in Spotify Technology by 3.1% during the 3rd quarter. Ethic Inc. now owns 22,508 shares of the company’s stock worth $15,711,000 after buying an additional 682 shares during the last quarter. Finally, Permanent Capital Management LP acquired a new position in Spotify Technology during the 3rd quarter valued at about $401,000. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 22nd. The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and increased their price objective for the company from $765.00 to $770.00 in a research report on Tuesday, September 30th. Barclays lowered their target price on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Benchmark raised their price target on shares of Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Trading Down 0.5%

Shares of NYSE SPOT opened at $581.62 on Tuesday. Spotify Technology has a 12 month low of $443.21 and a 12 month high of $785.00. The company has a 50 day simple moving average of $609.79 and a two-hundred day simple moving average of $668.97. The stock has a market cap of $119.75 billion, a price-to-earnings ratio of 91.45, a PEG ratio of 1.88 and a beta of 1.66.

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 analysts’ consensus estimates of $1.87 by $1.96. The firm 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%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.45 earnings per share. Analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

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.