Algert Global LLC Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Algert Global LLC boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 703.1% in the third quarter, Holdings Channel.com reports. The firm owned 11,999 shares of the company’s stock after acquiring an additional 10,505 shares during the period. Algert Global LLC’s holdings in Spotify Technology were worth $4,422,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. WCM Investment Management LLC increased its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Swedbank AB raised its position in shares of Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares in the last quarter. Perpetual Ltd boosted 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 valued at $279,965,000 after buying an additional 148,431 shares during the last quarter. Finally, D1 Capital Partners L.P. grew its position in shares of Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after buying an additional 36,000 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.9 %

SPOT stock opened at $475.04 on Monday. The company has a 50-day simple moving average of $391.61 and a 200 day simple moving average of $344.59. The company has a market capitalization of $94.56 billion, a P/E ratio of 129.09 and a beta of 1.56. Spotify Technology S.A. has a fifty-two week low of $178.73 and a fifty-two week high of $489.69.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 6.02 EPS for the current year.

Analyst Ratings Changes

A number of research firms have commented on SPOT. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Benchmark increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Rosenblatt Securities boosted their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, KeyCorp raised their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One 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. According to MarketBeat.com, Spotify Technology presently has an average 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.