Maxi Investments CY Ltd Cuts Position in Spotify Technology $SPOT

Maxi Investments CY Ltd trimmed its stake in Spotify Technology (NYSE:SPOT) by 32.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,537 shares of the company’s stock after selling 3,100 shares during the period. Spotify Technology accounts for 0.4% of Maxi Investments CY Ltd’s portfolio, making the stock its 27th largest position. Maxi Investments CY Ltd’s holdings in Spotify Technology were worth $4,563,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Mizuho Markets Cayman LP raised its holdings in Spotify Technology by 583.3% in the third quarter. Mizuho Markets Cayman LP now owns 8,323 shares of the company’s stock worth $5,809,000 after purchasing an additional 7,105 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Spotify Technology by 35.6% in the 3rd quarter. National Bank of Canada FI now owns 14,845 shares of the company’s stock valued at $10,358,000 after buying an additional 3,894 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Spotify Technology by 1.3% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 121,557 shares of the company’s stock valued at $84,847,000 after buying an additional 1,508 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Spotify Technology by 4.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,844 shares of the company’s stock valued at $12,493,000 after buying an additional 796 shares in the last quarter. Finally, Moore Capital Management LP grew its position in shares of Spotify Technology by 64.1% in the 3rd quarter. Moore Capital Management LP now owns 104,470 shares of the company’s stock worth $72,920,000 after buying an additional 40,800 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 1.7%

SPOT stock opened at $524.63 on Tuesday. The stock has a market capitalization of $108.01 billion, a PE ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a 50 day moving average of $500.97 and a 200 day moving average of $593.53.

Spotify Technology (NYSE:SPOT) last issued 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 business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 EPS. On average, equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SPOT. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research note on Friday, January 30th. Barclays lifted their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target on the stock. Guggenheim lowered their price objective on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $703.87.

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.