Assenagon Asset Management S.A. Purchases 70,300 Shares of Spotify Technology $SPOT

Assenagon Asset Management S.A. boosted its position in Spotify Technology (NYSE:SPOT) by 454.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,774 shares of the company’s stock after purchasing an additional 70,300 shares during the period. Assenagon Asset Management S.A.’s holdings in Spotify Technology were worth $59,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPOT. Rosenblatt Securities decreased their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Barclays reduced their price objective on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Finally, Citigroup lifted their price objective on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Trading Down 2.2%

Shares of NYSE:SPOT opened at $566.43 on Thursday. Spotify Technology has a 12-month low of $443.21 and a 12-month high of $785.00. The business’s fifty day simple moving average is $625.20 and its 200-day simple moving average is $675.68. The company has a market capitalization of $116.62 billion, a PE ratio of 89.06, a P/E/G ratio of 1.91 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the business posted $1.45 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. Research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology 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.