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

Algert Global LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 703.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,999 shares of the company’s stock after purchasing 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.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after acquiring an additional 23,675 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in shares of Spotify Technology during the first quarter worth approximately $269,000. Axxcess Wealth Management LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $238,000. Advisors Asset Management Inc. raised its position in Spotify Technology by 47.4% in the 1st quarter. Advisors Asset Management Inc. now owns 1,350 shares of the company’s stock valued at $356,000 after purchasing an additional 434 shares during the last quarter. Finally, Redwood Investment Management LLC acquired a new stake in Spotify Technology during the 1st quarter worth $632,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $475.04 on Monday. Spotify Technology S.A. has a 1 year low of $178.73 and a 1 year high of $489.69. The business has a 50 day moving average price of $391.61 and a 200 day moving average price 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 (NYSE:SPOT) last released 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). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. As a group, research analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Benchmark upped their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Canaccord Genuity Group upped 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. Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company increased their price target on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One research 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 company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

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.