Engineers Gate Manager LP Has $23.78 Million Stock Holdings in Spotify Technology $SPOT

Engineers Gate Manager LP lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 107.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,995 shares of the company’s stock after acquiring an additional 16,038 shares during the quarter. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $23,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised its holdings in Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after purchasing an additional 74,256 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares during the last quarter. Northern Trust Corp increased its position in shares of Spotify Technology by 10.3% during the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after buying an additional 147,580 shares during the period. Geode Capital Management LLC raised its stake in Spotify Technology by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after buying an additional 49,377 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Spotify Technology by 17.3% in the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock valued at $1,116,007,000 after buying an additional 214,355 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 0.3%

NYSE SPOT opened at $597.27 on Friday. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The business has a 50 day moving average price of $631.45 and a 200-day moving average price of $677.22. The company has a market cap of $122.97 billion, a price-to-earnings ratio of 93.91, a P/E/G ratio of 1.98 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.Spotify Technology’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $1.45 EPS. On average, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on SPOT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday. BNP Paribas Exane started coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price on the stock. Barclays lowered their target price on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Argus started coverage on shares of Spotify Technology in a research note on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $758.86.

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.