Jennison Associates LLC Acquires Shares of 2,985,326 Spotify Technology S.A. (NYSE:SPOT)

Jennison Associates LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,985,326 shares of the company’s stock, valued at approximately $1,335,575,000. Jennison Associates LLC owned approximately 1.50% of Spotify Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. First Horizon Advisors Inc. grew its stake in Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after buying an additional 26 shares in the last quarter. West Bancorporation Inc. lifted its holdings in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the last quarter. Park National Corp OH grew its position in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares in the last quarter. Finally, Washington Trust Advisors Inc. increased its stake in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, KeyCorp raised their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $451.39.

Spotify Technology Trading Down 0.2 %

Shares of NYSE:SPOT opened at $549.02 on Monday. The company has a market cap of $109.28 billion, a price-to-earnings ratio of 149.19 and a beta of 1.62. Spotify Technology S.A. has a 12 month low of $213.31 and a 12 month high of $560.36. The company has a 50-day moving average price of $480.71 and a 200 day moving average price of $405.25.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current year.

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.