Victory Capital Management Inc. Sells 49,673 Shares of Spotify Technology $SPOT

Key Points

• Victory Capital Management cut its Spotify stake by 41.7% in Q3, selling 49,673 shares and leaving it with 69,587 shares valued at about $48.57 million.
• Other institutions largely increased or established positions—most notably Bessemer Group added 177,310 shares to hold 682,639 shares (~$476.48M)—and overall institutional ownership remains high at 84.09%.
• Spotify reported a strong quarter, beating expectations with $5.16 EPS (vs. $3.16 expected) and $5.32B revenue, and analysts maintain a consensus “Moderate Buy” rating with an average target of $698.91.

Victory Capital Management Inc. lowered its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 41.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 69,587 shares of the company's stock after selling 49,673 shares during the quarter. Victory Capital Management Inc.'s holdings in Spotify Technology were worth $48,572,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SPOT. Helios Capital Management PTE. Ltd. increased its stake in shares of Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company's stock worth $5,235,000 after acquiring an additional 2,700 shares in the last quarter. Bessemer Group Inc. lifted its position in Spotify Technology by 35.1% during the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company's stock valued at $476,483,000 after acquiring an additional 177,310 shares during the period. Truxt Investmentos Ltda. bought a new stake in Spotify Technology during the third quarter worth about $2,093,000. Ownership Capital B.V. bought a new stake in Spotify Technology during the third quarter worth about $2,769,000. Finally, Generali Asset Management SPA SGR grew its holdings in Spotify Technology by 30.9% in 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. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on SPOT. Moffett Nathanson began coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a "neutral" rating and a $487.00 price objective for the company. Phillip Securities upgraded Spotify Technology from a "hold" rating to a "moderate buy" rating in a report on Monday, November 10th. UBS Group lowered their price target on Spotify Technology from $850.00 to $800.00 and set a "buy" rating for the company in a research report on Friday, January 9th. The Goldman Sachs Group upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $698.91.

Spotify Technology Price Performance

Shares of SPOT opened at $566.73 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The firm has a market capitalization of $116.65 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. The business has a fifty day moving average of $507.95 and a 200 day moving average of $601.40.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.