Spotify Technology $SPOT Shares Sold by Natixis Advisors LLC

Natixis Advisors LLC reduced its stake in shares of Spotify Technology (NYSE:SPOT) by 20.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 159,198 shares of the company’s stock after selling 40,319 shares during the quarter. Natixis Advisors LLC’s holdings in Spotify Technology were worth $111,120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Knuff & Co LLC acquired a new position in Spotify Technology in the second quarter valued at $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. increased its position in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SPOT shares. KeyCorp decreased their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. UBS Group decreased their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research report on Thursday, February 26th. Finally, Sanford C. Bernstein cut their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Trading Up 2.6%

Shares of SPOT opened at $566.73 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a market capitalization of $116.68 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. The firm’s 50-day moving average is $507.95 and its two-hundred day moving average is $600.68.

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

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.