GLOBALT Investments LLC GA bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,196 shares of the company's stock, valued at approximately $809,000.
Several other hedge funds have also recently made changes to their positions in the business. Swedbank AB bought a new position in Spotify Technology in the 1st quarter worth about $198,663,000. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock valued at $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company's stock valued at $128,073,000 after acquiring an additional 346,585 shares in the last quarter. Sei Investments Co. boosted its stake in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company's stock valued at $202,828,000 after acquiring an additional 333,782 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Spotify Technology by 179.0% in the third quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company's stock valued at $140,120,000 after acquiring an additional 243,933 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.
Spotify Technology Stock Up 2.1 %
Shares of SPOT traded up $9.47 on Tuesday, hitting $463.83. 2,797,424 shares of the stock traded hands, compared to its average volume of 1,944,430. The firm has a market capitalization of $92.33 billion, a P/E ratio of 123.42 and a beta of 1.56. Spotify Technology S.A. has a 1 year low of $175.00 and a 1 year high of $489.69. The stock's 50 day moving average is $380.76 and its two-hundred day moving average is $339.74.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. Research analysts forecast that Spotify Technology S.A. will post 6.09 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Pivotal Research lifted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Evercore ISI boosted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. Macquarie upped their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Finally, Phillip Securities reaffirmed an "accumulate" rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $421.69.
Check Out Our Latest Report on SPOT
Spotify Technology Company Profile
(
Free Report)
Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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