Point72 Asset Management L.P. Has $132.95 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Point72 Asset Management L.P. boosted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 93.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 360,760 shares of the company’s stock after purchasing an additional 174,339 shares during the quarter. Point72 Asset Management L.P. owned about 0.18% of Spotify Technology worth $132,951,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew its position in shares of Spotify Technology by 95.2% in the first quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock valued at $3,518,000 after purchasing an additional 6,502 shares during the last quarter. Cetera Advisors LLC increased its position in Spotify Technology by 19.8% in the 1st quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock worth $840,000 after buying an additional 526 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Spotify Technology by 49.1% during the second quarter. GAMMA Investing LLC now owns 498 shares of the company’s stock worth $156,000 after buying an additional 164 shares during the last quarter. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the period. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the second quarter worth $679,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.7 %

SPOT opened at $493.32 on Wednesday. Spotify Technology S.A. has a 1-year low of $185.37 and a 1-year high of $494.00. The stock has a market capitalization of $98.20 billion, a PE ratio of 134.05 and a beta of 1.61. The firm has a 50-day moving average price of $408.78 and a two-hundred day moving average price of $353.61.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion for 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 firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. On average, research analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPOT shares. TD Cowen upped their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Benchmark increased their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Canaccord Genuity Group lifted their target price on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday. Bank of America upped their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $422.90.

Spotify Technology 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.