Fred Alger Management LLC Acquires 91,680 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fred Alger Management LLC increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 26.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 442,557 shares of the company’s stock after purchasing an additional 91,680 shares during the quarter. Spotify Technology accounts for about 0.8% of Fred Alger Management LLC’s holdings, making the stock its 25th biggest holding. Fred Alger Management LLC’s holdings in Spotify Technology were worth $163,096,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. WCM Investment Management LLC increased its holdings 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 valued at $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake 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 valued at $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. FMR LLC raised its holdings in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the last quarter. Swedbank AB lifted its stake in shares of Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after buying an additional 99,730 shares during the period. Finally, Perpetual Ltd grew its holdings in shares of Spotify Technology by 24.3% during the third 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. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. 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. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Barclays upped their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Finally, Evercore ISI upped their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Down 0.3 %

NYSE SPOT opened at $475.24 on Friday. The business’s fifty day simple moving average is $402.06 and its 200-day simple moving average is $348.93. The firm has a market cap of $94.60 billion, a PE ratio of 129.14 and a beta of 1.56. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS 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 firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the firm earned $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current year.

About Spotify Technology

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.