Point72 Europe London LLP Takes $5.88 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Point72 Europe London LLP purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 15,964 shares of the company’s stock, valued at approximately $5,883,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WCM Investment Management LLC lifted its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares during the period. FMR LLC boosted its stake in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Swedbank AB grew its holdings in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares during the period. Finally, Perpetual Ltd increased its stake in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SPOT. The Goldman Sachs Group boosted their price target on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Evercore ISI boosted their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Cowen raised their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $476.90 on Friday. Spotify Technology S.A. has a 1-year low of $179.66 and a 1-year high of $489.69. The company’s fifty day simple moving average is $404.30 and its 200-day simple moving average is $350.23. The stock has a market capitalization of $94.93 billion, a PE ratio of 129.59 and a beta of 1.56.

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

Spotify Technology Company Profile

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.