Harvest Fund Management Co. Ltd Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

Harvest Fund Management Co. Ltd raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 23.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,129 shares of the company’s stock after buying an additional 977 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Spotify Technology were worth $1,888,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Aigen Investment Management LP increased its holdings in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares during the last quarter. Pathway Capital Management LP grew its position in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Perpetual Ltd increased its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares during the last quarter. Jag Capital Management LLC purchased a new stake in Spotify Technology during the third quarter valued at approximately $13,569,000. Finally, Covenant Asset Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $3,364,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SPOT shares. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Barclays upped their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Macquarie raised their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

Spotify Technology stock opened at $479.85 on Tuesday. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69. The company has a market cap of $95.51 billion, a PE ratio of 130.39 and a beta of 1.56. The business’s 50-day simple moving average is $394.43 and its two-hundred day simple moving average is $345.87.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the company earned $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.