Raelipskie Partnership Invests $1.02 Million in Spotify Technology $SPOT

Raelipskie Partnership acquired a new stake in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,461 shares of the company’s stock, valued at approximately $1,020,000.

Other hedge funds have also recently bought and sold shares of the company. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth $312,000. Hilltop National Bank acquired a new position in Spotify Technology in the second quarter valued at $82,000. Ameritas Advisory Services LLC acquired a new stake in Spotify Technology in the 2nd quarter worth about $185,000. Ascent Group LLC boosted its stake in Spotify Technology by 4.1% in the 2nd quarter. Ascent Group LLC now owns 1,489 shares of the company’s stock worth $1,143,000 after buying an additional 59 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Spotify Technology by 3.9% in the 2nd quarter. QRG Capital Management Inc. now owns 738 shares of the company’s stock valued at $566,000 after buying an additional 28 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SPOT shares. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. UBS Group decreased their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Rosenblatt Securities cut their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Finally, Wells Fargo & Company reduced their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $727.71.

Spotify Technology Price Performance

NYSE:SPOT opened at $508.85 on Tuesday. The business’s 50-day moving average is $557.25 and its two-hundred day moving average is $635.03. The firm has a market capitalization of $104.77 billion, a PE ratio of 80.01, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00.

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

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.