Atala Financial Inc Raises Holdings in Spotify Technology $SPOT

Atala Financial Inc boosted its position in Spotify Technology (NYSE:SPOT) by 122.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,073 shares of the company’s stock after acquiring an additional 1,142 shares during the quarter. Atala Financial Inc’s holdings in Spotify Technology were worth $1,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Joel Isaacson & Co. LLC lifted its stake in shares of Spotify Technology by 1.0% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after purchasing an additional 15 shares in the last quarter. Ignite Planners LLC raised its holdings in Spotify Technology by 2.4% in the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after buying an additional 15 shares during the period. Sage Mountain Advisors LLC raised its holdings in Spotify Technology by 6.3% in the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after buying an additional 17 shares during the period. Cloud Capital Management LLC lifted its position in Spotify Technology by 4.8% during the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock valued at $301,000 after buying an additional 18 shares in the last quarter. Finally, Fullerton Fund Management Co Ltd. grew its stake in Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after buying an additional 18 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $473.15 on Wednesday. Spotify Technology has a 1-year low of $464.24 and a 1-year high of $785.00. The company has a market capitalization of $97.42 billion, a PE ratio of 74.40, a P/E/G ratio of 0.97 and a beta of 1.66. The business has a 50-day moving average of $555.01 and a 200-day moving average of $633.47.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the business posted $1.45 earnings per share. Spotify Technology’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPOT shares. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Benchmark cut their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Guggenheim reduced their price objective on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. UBS Group lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Finally, Cantor Fitzgerald dropped their target price on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $727.71.

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.