13,226 Shares in Spotify Technology $SPOT Purchased by Greenwoods Asset Management Hong Kong Ltd.

Greenwoods Asset Management Hong Kong Ltd. purchased a new stake in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 13,226 shares of the company’s stock, valued at approximately $9,232,000. Spotify Technology accounts for about 0.2% of Greenwoods Asset Management Hong Kong Ltd.’s holdings, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter valued at approximately $312,000. Avidian Wealth Enterprises LLC acquired a new stake in Spotify Technology in the 2nd quarter valued at about $248,000. Brookstone Capital Management increased its holdings in Spotify Technology by 26.4% during the 2nd quarter. Brookstone Capital Management now owns 1,646 shares of the company’s stock valued at $1,263,000 after acquiring an additional 344 shares in the last quarter. Rehmann Capital Advisory Group raised its position in Spotify Technology by 22.7% during the second quarter. Rehmann Capital Advisory Group now owns 487 shares of the company’s stock worth $374,000 after acquiring an additional 90 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its position in Spotify Technology by 7.8% during the second quarter. First Citizens Bank & Trust Co. now owns 1,077 shares of the company’s stock worth $826,000 after acquiring an additional 78 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $490.98 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company’s fifty day moving average price is $521.83 and its two-hundred day moving average price is $615.08. The firm has a market capitalization of $101.06 billion, a P/E ratio of 50.93, a P/E/G ratio of 1.07 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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 return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business posted $1.88 earnings per share. Spotify Technology’s revenue for the quarter 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 year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Benchmark lowered their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Cantor Fitzgerald cut their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Finally, Moffett Nathanson assumed coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Two equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.