Spotify Technology $SPOT Stock Position Trimmed by Gavilan Investment Partners LLC

Gavilan Investment Partners LLC decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 13.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,000 shares of the company’s stock after selling 6,000 shares during the period. Spotify Technology makes up about 6.2% of Gavilan Investment Partners LLC’s holdings, making the stock its 8th biggest position. Gavilan Investment Partners LLC’s holdings in Spotify Technology were worth $27,920,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new position in Spotify Technology during the second quarter worth $29,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology in the third quarter worth $27,000. Greykasell Wealth Strategies Inc. raised its position in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.6%

SPOT opened at $566.73 on Monday. The firm has a market cap of $116.68 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 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 business’s fifty day simple moving average is $507.95 and its 200 day simple moving average is $600.68.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $1.88 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Moffett Nathanson began coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective for the company. UBS Group decreased their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Barclays upped their target price on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, Citizens Jmp began coverage on shares of Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $698.91.

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.