Covenant Asset Management LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Covenant Asset Management LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 9,129 shares of the company’s stock, valued at approximately $3,364,000.

Several other hedge funds also recently bought and sold shares of SPOT. Transcendent Capital Group LLC acquired a new position in Spotify Technology in the 2nd quarter worth about $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Mather Group LLC. raised its stake in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $35,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $39,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of SPOT stock opened at $472.50 on Friday. The stock’s fifty day simple moving average is $388.87 and its 200 day simple moving average is $342.73. The firm has a market cap of $94.05 billion, a price-to-earnings ratio of 128.40 and a beta of 1.56. Spotify Technology S.A. has a one year low of $178.73 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during 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 quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 EPS. On average, research analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Macquarie raised their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Company Profile

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.