Maxi Investments CY Ltd Trims Stake in Spotify Technology $SPOT

Key Points

• Maxi Investments CY Ltd trimmed its stake in Spotify by 32.2% in Q3, selling 3,100 shares and leaving it with 6,537 shares worth $4.56 million, about 0.4% of the fund’s portfolio and its 27th largest holding.
• Spotify posted a sizable earnings beat on Feb. 10 with $5.16 EPS vs. $3.16 expected and $5.32 billion in revenue (up 6.8% YoY), delivering a 13.16% net margin and a 31.35% return on equity for the quarter.
• Analyst sentiment is positive overall—MarketBeat’s consensus is a "Moderate Buy" with a $703.87 price target—while the stock trades around $524.63 (1‑year range $405–$785) and carries a market cap of about $108 billion and a P/E of 54.42.

Maxi Investments CY Ltd lowered its position in Spotify Technology (NYSE:SPOT - Free Report) by 32.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,537 shares of the company's stock after selling 3,100 shares during the period. Spotify Technology makes up approximately 0.4% of Maxi Investments CY Ltd's investment portfolio, making the stock its 27th biggest holding. Maxi Investments CY Ltd's holdings in Spotify Technology were worth $4,563,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Sage Mountain Advisors LLC lifted its stake in shares of Spotify Technology by 6.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company's stock worth $201,000 after acquiring an additional 17 shares during the last quarter. Fullerton Fund Management Co Ltd. grew its position in Spotify Technology by 7.0% in the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company's stock valued at $212,000 after acquiring an additional 18 shares during the last quarter. Granite Group Advisors LLC grew its position in Spotify Technology by 2.6% in the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company's stock valued at $528,000 after acquiring an additional 19 shares during the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock worth $181,000 after purchasing an additional 19 shares during the last quarter. Finally, Aprio Wealth Management LLC lifted its holdings in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock valued at $442,000 after buying an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $524.63 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company has a market capitalization of $108.01 billion, a price-to-earnings ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The company's 50-day simple moving average is $500.97 and its two-hundred day simple moving average is $593.53.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The company's revenue was up 6.8% compared to the same quarter last year. Equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research reports. Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Benchmark reduced their target price on shares of Spotify Technology from $860.00 to $760.00 and set a "buy" rating on the stock in a research report on Friday, January 16th. Citigroup raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 price target for the company in a research note on Friday, January 30th. Barclays boosted their price target on Spotify Technology from $625.00 to $650.00 and gave the company an "overweight" rating in a report on Wednesday, February 11th. Finally, UBS Group reduced their price objective on Spotify Technology from $850.00 to $800.00 and set a "buy" rating on the stock in a report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $703.87.

About Spotify Technology

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.

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