Exchange Traded Concepts LLC Boosts Stock Position in Spotify Technology $SPOT

Exchange Traded Concepts LLC increased its position in Spotify Technology (NYSE:SPOT) by 66.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,472 shares of the company’s stock after acquiring an additional 4,969 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Spotify Technology were worth $8,705,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CW Advisors LLC increased its stake in shares of Spotify Technology by 23.9% in the first quarter. CW Advisors LLC now owns 1,229 shares of the company’s stock worth $676,000 after purchasing an additional 237 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in shares of Spotify Technology by 11.1% during the 1st quarter. Kestra Advisory Services LLC now owns 5,189 shares of the company’s stock valued at $2,854,000 after buying an additional 520 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Spotify Technology by 16.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 27,558 shares of the company’s stock worth $15,158,000 after buying an additional 3,895 shares during the period. Axiom Investors LLC DE increased its stake in Spotify Technology by 216.8% in the 1st quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock worth $395,847,000 after buying an additional 492,504 shares in the last quarter. Finally, Synovus Financial Corp purchased a new stake in Spotify Technology in the 1st quarter worth $382,000. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SPOT shares. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Argus began coverage on shares of Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price objective for the company. Finally, Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Stock Up 0.0%

SPOT stock opened at $579.05 on Wednesday. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The firm has a market capitalization of $119.22 billion, a P/E ratio of 91.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66. The company has a fifty day simple moving average of $616.65 and a two-hundred day simple moving average of $672.24.

Spotify Technology (NYSE:SPOT) last posted its earnings results 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 net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the previous year, the firm posted $1.45 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, analysts anticipate 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.