Spotify Technology $SPOT Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS reduced its position in Spotify Technology (NYSE:SPOT) by 46.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,700 shares of the company’s stock after selling 1,450 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Spotify Technology were worth $829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Cantillon Capital Management LLC purchased a new stake in shares of Spotify Technology in the 1st quarter valued at $213,047,000. Southpoint Capital Advisors LP purchased a new stake in Spotify Technology during the first quarter valued at about $193,964,000. Principal Financial Group Inc. grew its stake in shares of Spotify Technology by 53.4% during the first quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock valued at $479,899,000 after buying an additional 344,471 shares during the last quarter. Tiger Global Management LLC grew its stake in shares of Spotify Technology by 25.3% during the first quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock valued at $766,527,000 after buying an additional 319,300 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Spotify Technology by 20.1% in the first quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock worth $829,641,000 after buying an additional 286,844 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 0.6%

NYSE:SPOT opened at $605.30 on Wednesday. The stock has a market cap of $124.62 billion, a P/E ratio of 40.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.49. The firm’s fifty day simple moving average is $539.84 and its 200 day simple moving average is $501.54. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter last year, the company posted $3.28 earnings per share. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 13.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPOT. Oppenheimer lifted their price target on Spotify Technology from $550.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Stonex Financial cut shares of Spotify Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 14th. Piper Sandler reissued a “neutral” rating and issued a $580.00 price target (up from $540.00) on shares of Spotify Technology in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Söderström sold 20,910 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the transaction, the chief executive officer owned 19,908 shares in the company, valued at $10,553,828.04. The trade was a 51.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.