Mirae Asset Global Investments Co. Ltd. Sells 2,232 Shares of Spotify Technology $SPOT

Mirae Asset Global Investments Co. Ltd. trimmed its position in Spotify Technology (NYSE:SPOT) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,732 shares of the company’s stock after selling 2,232 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Spotify Technology were worth $34,713,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth approximately $27,000. Total Investment Management Inc. bought a new position in shares of Spotify Technology during the second quarter worth approximately $29,000. Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $29,000. Finally, Sound Income Strategies LLC boosted its stake in shares of Spotify Technology by 156.3% in the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Moffett Nathanson assumed coverage on Spotify Technology in a report on Tuesday. They issued a “neutral” rating and a $487.00 price objective for the company. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Sanford C. Bernstein dropped their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Finally, UBS Group lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Two equities research 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $730.94.

Spotify Technology Stock Down 0.5%

NYSE SPOT opened at $509.25 on Thursday. The company has a market cap of $104.85 billion, a price-to-earnings ratio of 80.07, a price-to-earnings-growth ratio of 0.98 and a beta of 1.66. Spotify Technology has a twelve month low of $475.01 and a twelve month high of $785.00. The business’s fifty day moving average is $562.22 and its 200 day moving average is $639.98.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same period last year, the firm posted $1.45 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.