Okabena Investment Services Inc. raised its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 128.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,979 shares of the company's stock after acquiring an additional 2,240 shares during the quarter. Okabena Investment Services Inc.'s holdings in Spotify Technology were worth $1,466,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in SPOT. Aigen Investment Management LP increased its stake in Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Pathway Capital Management LP increased its position in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock valued at $21,132,000 after buying an additional 11,042 shares in the last quarter. Perpetual Ltd raised its stake in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after buying an additional 148,431 shares during the last quarter. Jag Capital Management LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth about $13,569,000. Finally, Covenant Asset Management LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at about $3,364,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.
Spotify Technology Stock Performance
Spotify Technology stock opened at $475.04 on Friday. Spotify Technology S.A. has a one year low of $178.73 and a one year high of $489.69. The stock's 50 day moving average price is $391.61 and its 200 day moving average price is $344.27. The firm has a market capitalization of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56.
Spotify Technology (NYSE:SPOT - Get Free Report) last released 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 firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. On average, analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Evercore ISI upped their target price on Spotify Technology from $420.00 to $460.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. Barclays raised their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Benchmark increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $421.69.
Check Out Our Latest Research Report on Spotify Technology
About Spotify Technology
(
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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