Spotify Technology $SPOT Position Lifted by Mizuho Markets Cayman LP

Mizuho Markets Cayman LP grew its stake in shares of Spotify Technology (NYSE:SPOT) by 583.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,323 shares of the company’s stock after acquiring an additional 7,105 shares during the period. Spotify Technology comprises approximately 0.2% of Mizuho Markets Cayman LP’s holdings, making the stock its 27th biggest position. Mizuho Markets Cayman LP’s holdings in Spotify Technology were worth $5,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Helios Capital Management PTE. Ltd. increased its holdings in shares of Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after acquiring an additional 2,700 shares during the last quarter. Bessemer Group Inc. lifted 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 purchasing an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. bought a new position in Spotify Technology during the third quarter worth $2,093,000. Ownership Capital B.V. acquired a new position in Spotify Technology in the third quarter worth $2,769,000. Finally, Generali Asset Management SPA SGR boosted its holdings in Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.7%

SPOT stock opened at $524.63 on Tuesday. The firm’s 50-day moving average is $500.97 and its two-hundred day moving average is $593.53. The company has a market capitalization of $108.01 billion, a price-to-earnings ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating 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 business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SPOT. Barclays increased their target price on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Citigroup raised shares of 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. KeyCorp dropped their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Finally, Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology 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.