Jain Global LLC Acquires Shares of 16,084 Spotify Technology $SPOT

Jain Global LLC bought a new position in Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,084 shares of the company’s stock, valued at approximately $11,227,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter valued at about $27,000. Total Investment Management Inc. bought a new position in shares of Spotify Technology during the second quarter valued at about $29,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. boosted its holdings in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology in the third quarter worth about $29,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $524.63 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a 50-day moving average of $500.97 and a 200 day moving average of $593.53. The stock has a market cap of $108.01 billion, a P/E ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SPOT shares. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a research report on Friday, January 30th. Moffett Nathanson assumed coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. KeyCorp decreased their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Wells Fargo & Company dropped their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Finally, Guggenheim reduced their price objective on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

About Spotify Technology

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.