Bamco Inc. NY Raises Stock Holdings in Spotify Technology $SPOT

Bamco Inc. NY grew its position in Spotify Technology (NYSE:SPOT) by 5.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 988,695 shares of the company’s stock after acquiring an additional 51,372 shares during the quarter. Spotify Technology comprises approximately 1.8% of Bamco Inc. NY’s portfolio, making the stock its 12th biggest position. Bamco Inc. NY owned approximately 0.48% of Spotify Technology worth $690,109,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Knuff & Co LLC acquired a new stake in Spotify Technology during the 2nd quarter worth $27,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at about $27,000. Greykasell Wealth Strategies Inc. boosted its stake in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the period. Total Investment Management Inc. purchased a new position in shares of Spotify Technology during the second quarter worth about $29,000. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at about $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SPOT shares. UBS Group lowered their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Benchmark reduced their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Wells Fargo & Company cut their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Stock Up 1.3%

Shares of 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 company has a 50-day simple moving average of $502.35 and a 200-day simple moving average of $595.37. The company has a market capitalization of $106.26 billion, a PE ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released 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 net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. On average, research 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.