Texas Capital Bank Wealth Management Services Inc Purchases Shares of 1,264 Spotify Technology $SPOT

Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,264 shares of the company’s stock, valued at approximately $882,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Helios Capital Management PTE. Ltd. boosted its position in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after buying an additional 2,700 shares in the last quarter. Bessemer Group Inc. grew its stake in Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after buying an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. acquired a new stake in shares of Spotify Technology during the third quarter worth approximately $2,093,000. Ownership Capital B.V. acquired a new stake in shares of Spotify Technology during the third quarter worth approximately $2,769,000. Finally, Generali Asset Management SPA SGR raised its stake in shares of Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after acquiring an additional 16,054 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $516.14 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The stock has a market cap of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.11 and a beta of 1.66. The firm has a 50 day moving average price of $502.35 and a 200 day moving average price of $596.07.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. Analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Sanford C. Bernstein dropped their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. KeyCorp reduced their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Cantor Fitzgerald lowered their target price on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $703.87.

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.