Empirical Asset Management LLC Makes New $19.18 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Empirical Asset Management LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 42,863 shares of the company’s stock, valued at approximately $19,176,000.

Other large investors have also recently added to or reduced their stakes in the company. Aigen Investment Management LP increased its holdings in shares of Spotify Technology by 42.4% during the third 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 during the period. Pathway Capital Management LP increased its holdings in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the period. Perpetual Ltd increased 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 purchasing an additional 148,431 shares during the period. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at $3,364,000. Finally, Jag Capital Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at $13,569,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Rosenblatt Securities lifted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Benchmark reaffirmed a “buy” rating and set a $520.00 target price on shares of Spotify Technology in a report on Thursday. Finally, Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Trading Down 0.1 %

Shares of NYSE SPOT opened at $490.08 on Friday. Spotify Technology S.A. has a one year low of $191.88 and a one year high of $506.47. The firm has a market capitalization of $97.55 billion, a PE ratio of 133.17 and a beta of 1.62. The business has a 50-day moving average price of $465.30 and a two-hundred day moving average price of $387.49.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. Research analysts anticipate that Spotify Technology S.A. will post 5.96 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.