Spotify Technology $SPOT Stock Position Raised by Zweig DiMenna Associates LLC

Zweig DiMenna Associates LLC lifted its position in Spotify Technology (NYSE:SPOT) by 11.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,135 shares of the company’s stock after buying an additional 1,410 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $9,866,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Knuff & Co LLC bought a new stake in Spotify Technology in the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. boosted its holdings in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. acquired a new position in Spotify Technology during the second quarter worth $29,000. Finally, Westfuller Advisors LLC bought a new position in Spotify Technology during the third quarter valued at about $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $458.40 on Tuesday. The company has a market capitalization of $94.35 billion, a P/E ratio of 47.55, a PEG ratio of 1.08 and a beta of 1.66. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business’s 50 day simple moving average is $531.43 and its 200-day simple moving average is $619.31.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The business’s revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SPOT. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Cantor Fitzgerald lowered their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Finally, Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research report on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $706.42.

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.