Spotify Technology $SPOT Shares Sold by Fayez Sarofim & Co

Fayez Sarofim & Co reduced its position in Spotify Technology (NYSE:SPOT) by 34.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,833 shares of the company’s stock after selling 16,385 shares during the quarter. Fayez Sarofim & Co’s holdings in Spotify Technology were worth $22,219,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Helios Capital Management PTE. Ltd. lifted its stake in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares during the last quarter. Bessemer Group Inc. increased its stake in Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after purchasing an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. bought a new stake in Spotify Technology during the third quarter valued at $2,093,000. Ownership Capital B.V. acquired a new stake in shares of Spotify Technology during the third quarter worth $2,769,000. Finally, Generali Asset Management SPA SGR raised its holdings in shares of Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $516.14 on Monday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company has a 50-day simple moving average of $502.35 and a 200-day simple moving average of $594.68. The firm has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its 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 firm had revenue of $5.32 billion during 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 was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 EPS. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SPOT shares. Benchmark decreased their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Barclays increased their price objective on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. 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 note on Monday, February 9th. Finally, Moffett Nathanson initiated coverage on Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.