Capital World Investors Has $1.91 Billion Position in Spotify Technology $SPOT

Capital World Investors boosted its holdings in Spotify Technology (NYSE:SPOT) by 40.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,730,713 shares of the company’s stock after acquiring an additional 789,755 shares during the quarter. Capital World Investors owned 1.33% of Spotify Technology worth $1,906,260,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Helios Capital Management PTE. Ltd. boosted its stake in shares of Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Bessemer Group Inc. grew its holdings in Spotify Technology by 35.1% during the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after acquiring an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. acquired a new stake in Spotify Technology in the 3rd quarter valued at about $2,093,000. Ownership Capital B.V. bought a new position in shares of Spotify Technology in the third quarter worth about $2,769,000. Finally, Generali Asset Management SPA SGR lifted its position in shares of Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a report on Friday, January 30th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Benchmark cut their price target 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. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Stock Performance

Spotify Technology stock opened at $545.47 on Tuesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market capitalization of $112.30 billion, a P/E ratio of 56.58, a PEG ratio of 1.23 and a beta of 1.66. The stock has a 50-day simple moving average of $507.23 and a 200 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, topping the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.88 EPS. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current 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.