Hyperion Asset Management Ltd Raises Stock Position in Spotify Technology $SPOT

Hyperion Asset Management Ltd lifted its holdings in shares of Spotify Technology (NYSE:SPOT) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 365,378 shares of the company’s stock after buying an additional 36,054 shares during the quarter. Spotify Technology comprises approximately 7.1% of Hyperion Asset Management Ltd’s investment portfolio, making the stock its 7th biggest holding. Hyperion Asset Management Ltd’s holdings in Spotify Technology were worth $255,034,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SPOT. Helios Capital Management PTE. Ltd. increased its holdings in Spotify Technology by 56.3% in the third 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 during the last quarter. Bessemer Group Inc. lifted its stake in Spotify Technology by 35.1% in the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after buying an additional 177,310 shares during the period. Truxt Investmentos Ltda. bought a new position in Spotify Technology during the third quarter worth about $2,093,000. Ownership Capital B.V. bought a new position in Spotify Technology during the third quarter worth about $2,769,000. Finally, Generali Asset Management SPA SGR grew its position in shares of Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after buying an additional 16,054 shares during the period. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the topic of a number of analyst reports. Barclays increased their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Cantor Fitzgerald reduced their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Finally, UBS Group lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Stock Performance

NYSE SPOT opened at $516.14 on Monday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock’s 50 day moving average price is $502.35 and its two-hundred day moving average price is $594.68. The stock has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping 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 company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $1.88 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities research analysts forecast that Spotify Technology will post 10.3 EPS 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.