Bamco Inc. NY Grows Stock Position in Spotify Technology $SPOT

Bamco Inc. NY increased its stake in Spotify Technology (NYSE:SPOT) by 5.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 937,323 shares of the company’s stock after acquiring an additional 49,367 shares during the period. Spotify Technology comprises about 1.9% of Bamco Inc. NY’s holdings, making the stock its 12th largest holding. Bamco Inc. NY owned approximately 0.46% of Spotify Technology worth $719,245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sapient Capital LLC bought a new stake in shares of Spotify Technology in the second quarter worth about $322,000. Integrated Wealth Concepts LLC lifted its holdings in Spotify Technology by 39.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after buying an additional 769 shares during the period. Swedbank AB grew its position in shares of Spotify Technology by 1.4% in the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock worth $527,802,000 after buying an additional 13,458 shares during the last quarter. Legacy Capital Group California Inc. grew its position in shares of Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after buying an additional 2,049 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Spotify Technology during the second quarter valued at approximately $18,877,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $597.27 on Friday. The firm has a market capitalization of $122.97 billion, a P/E ratio of 93.91, a PEG ratio of 1.98 and a beta of 1.66. Spotify Technology has a one year low of $443.21 and a one year high of $785.00. The company’s 50-day simple moving average is $631.45 and its 200 day simple moving average is $677.22.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period last year, the business earned $1.45 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on SPOT. The Goldman Sachs Group lowered Spotify Technology from a “buy” rating to a “neutral” rating and raised their price target for the stock from $765.00 to $770.00 in a research note on Tuesday, September 30th. Oppenheimer raised their target price on shares of Spotify Technology from $750.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, August 18th. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Pivotal Research cut their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $758.86.

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.