Rheos Capital Works Inc. Has $9.07 Million Stock Holdings in Spotify Technology $SPOT

Rheos Capital Works Inc. decreased its stake in Spotify Technology (NYSE:SPOT) by 79.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the company’s stock after selling 49,000 shares during the period. Rheos Capital Works Inc.’s holdings in Spotify Technology were worth $9,074,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Kathmere Capital Management LLC grew its stake in Spotify Technology by 7.0% in the third quarter. Kathmere Capital Management LLC now owns 1,200 shares of the company’s stock valued at $838,000 after purchasing an additional 78 shares in the last quarter. Gladstone Institutional Advisory LLC raised its stake in shares of Spotify Technology by 10.6% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 3,741 shares of the company’s stock worth $2,611,000 after purchasing an additional 360 shares in the last quarter. Greenleaf Trust boosted its holdings in shares of Spotify Technology by 5.4% in the 3rd quarter. Greenleaf Trust now owns 430 shares of the company’s stock valued at $300,000 after buying an additional 22 shares during the last quarter. Advisory Resource Group grew its stake in shares of Spotify Technology by 15.0% in the third quarter. Advisory Resource Group now owns 1,981 shares of the company’s stock valued at $1,383,000 after buying an additional 259 shares in the last quarter. Finally, Greystone Financial Group LLC acquired a new position in Spotify Technology during the third quarter worth $493,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 3.6%

Spotify Technology stock opened at $571.89 on Wednesday. The company’s 50-day moving average price is $599.46 and its two-hundred day moving average price is $663.36. The stock has a market cap of $117.75 billion, a P/E ratio of 89.92, a P/E/G ratio of 1.06 and a beta of 1.66. Spotify Technology has a twelve month low of $451.43 and a twelve month high of $785.00.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPOT. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Argus started coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 target price on the stock. Citigroup lifted their price target on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Finally, Guggenheim cut their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. 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 company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

About Spotify Technology

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.