Capital Group Investment Management PTE. LTD. Has $2.33 Million Stock Holdings in Spotify Technology $SPOT

Capital Group Investment Management PTE. LTD. increased its stake in Spotify Technology (NYSE:SPOT) by 49.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,337 shares of the company’s stock after acquiring an additional 1,108 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Spotify Technology were worth $2,329,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Bank of Montreal Can increased its position in Spotify Technology by 7.8% during the 3rd quarter. Bank of Montreal Can now owns 240,154 shares of the company’s stock valued at $167,627,000 after purchasing an additional 17,303 shares during the period. Legal & General Group Plc lifted its position in shares of Spotify Technology by 1.0% in the 3rd quarter. Legal & General Group Plc now owns 1,120,442 shares of the company’s stock worth $782,069,000 after purchasing an additional 11,586 shares during the period. Vestcor Inc lifted its position in shares of Spotify Technology by 41.3% in the 3rd quarter. Vestcor Inc now owns 7,743 shares of the company’s stock worth $5,405,000 after purchasing an additional 2,265 shares during the period. Fieldview Capital Management LLC boosted its stake in shares of Spotify Technology by 717.1% in the 3rd quarter. Fieldview Capital Management LLC now owns 6,292 shares of the company’s stock valued at $4,392,000 after purchasing an additional 5,522 shares during the last quarter. Finally, WINTON GROUP Ltd increased its position in shares of Spotify Technology by 232.3% during the third quarter. WINTON GROUP Ltd now owns 19,625 shares of the company’s stock worth $13,698,000 after buying an additional 13,720 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SPOT shares. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price for the company in a research note on Friday, January 30th. Guggenheim cut their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. UBS Group decreased their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Cantor Fitzgerald lowered their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Finally, Sanford C. Bernstein dropped their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $698.91.

Spotify Technology Trading Down 3.5%

NYSE:SPOT opened at $545.47 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a PEG ratio of 1.23 and a beta of 1.66. The firm has a fifty day simple moving average of $507.23 and a two-hundred day simple moving average of $599.66.

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

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.