Westwind Capital Makes New Investment in Spotify Technology $SPOT

Westwind Capital acquired a new stake in Spotify Technology (NYSE:SPOT) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 12,914 shares of the company’s stock, valued at approximately $9,014,000. Spotify Technology makes up approximately 1.9% of Westwind Capital’s investment portfolio, making the stock its 21st largest position.

A number of other large investors also recently added to or reduced their stakes in the business. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter worth $27,000. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter worth about $27,000. Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Sound Income Strategies LLC boosted its holdings in Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the period. Finally, GFG Capital LLC bought a new position in Spotify Technology during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.6%

Shares of SPOT stock opened at $578.65 on Tuesday. The business’s fifty day moving average is $618.72 and its 200 day moving average is $673.18. The stock has a market cap of $119.14 billion, a price-to-earnings ratio of 90.98, a PEG ratio of 1.90 and a beta of 1.66. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.45 EPS. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on SPOT shares. The Goldman Sachs Group downgraded Spotify Technology from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $765.00 to $770.00 in a research report on Tuesday, September 30th. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Argus started coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target on the stock. Pivotal Research decreased their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $760.23.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.