Capital International Ltd. CA Purchases 5,104 Shares of Spotify Technology $SPOT

Capital International Ltd. CA raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 47.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,781 shares of the company’s stock after purchasing an additional 5,104 shares during the period. Capital International Ltd. CA’s holdings in Spotify Technology were worth $11,015,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. Knuff & Co LLC purchased a new position in Spotify Technology during the 2nd quarter valued at $27,000. Total Investment Management Inc. bought a new stake in Spotify Technology in the second quarter worth $29,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. lifted its position in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. Finally, Westfuller Advisors LLC bought a new position in Spotify Technology in the third quarter valued at about $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $545.47 on Tuesday. The company has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The company’s 50 day simple moving average is $507.23 and its 200-day simple moving average is $599.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm posted $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPOT. Benchmark decreased their target price 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. Cantor Fitzgerald reduced their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. KeyCorp dropped their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Sanford C. Bernstein reduced their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. Finally, Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $698.91.

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.