Robeco Institutional Asset Management B.V. Decreases Position in Spotify Technology $SPOT

Robeco Institutional Asset Management B.V. trimmed its position in Spotify Technology (NYSE:SPOT) by 28.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 352,579 shares of the company’s stock after selling 142,606 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Spotify Technology were worth $246,100,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SPOT. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at $27,000. Total Investment Management Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at $29,000. Sound Income Strategies LLC lifted its holdings in Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares in the last quarter. Finally, Albion Financial Group UT boosted its stake in Spotify Technology by 80.0% during the 3rd 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. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SPOT shares. Citigroup increased 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. Citizens Jmp started coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Guggenheim lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. upped their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Price Performance

Shares of SPOT stock opened at $593.72 on Tuesday. The company has a market capitalization of $122.24 billion, a PE ratio of 93.35, a price-to-earnings-growth ratio of 1.03 and a beta of 1.66. The firm’s 50-day moving average is $601.12 and its two-hundred day moving average is $664.31. Spotify Technology has a 12 month low of $451.43 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter last year, the firm earned $1.45 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. Sell-side analysts forecast 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.