Thrivent Financial for Lutherans Purchases 228,003 Shares of Spotify Technology $SPOT

Thrivent Financial for Lutherans lifted its position in shares of Spotify Technology (NYSE:SPOT) by 110.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 434,389 shares of the company’s stock after acquiring an additional 228,003 shares during the quarter. Spotify Technology makes up 0.6% of Thrivent Financial for Lutherans’ investment portfolio, making the stock its 20th largest position. Thrivent Financial for Lutherans owned approximately 0.21% of Spotify Technology worth $303,204,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in Spotify Technology by 1.7% during the second quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after purchasing an additional 74,256 shares during the period. Fisher Asset Management LLC raised its position in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares during the period. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock valued at $1,192,730,000 after buying an additional 49,377 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Spotify Technology by 17.3% during the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock valued at $1,116,007,000 after buying an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC boosted its holdings in Spotify Technology by 14.4% in the 2nd quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock worth $959,015,000 after buying an additional 157,567 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.8%

Spotify Technology stock opened at $499.69 on Friday. Spotify Technology has a 52 week low of $475.01 and a 52 week high of $785.00. The business has a 50-day simple moving average of $558.79 and a 200 day simple moving average of $637.01. The stock has a market cap of $102.88 billion, a price-to-earnings ratio of 78.57, a PEG ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.45 EPS. On average, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPOT. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Rosenblatt Securities reduced their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Benchmark decreased their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Barclays cut their target price on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Wells Fargo & Company reduced their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $727.71.

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.