Asio Capital LLC Takes $3.14 Million Position in Spotify Technology $SPOT

Asio Capital LLC acquired a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,503 shares of the company’s stock, valued at approximately $3,143,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Knuff & Co LLC acquired a new stake in Spotify Technology during the 2nd quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the third quarter worth about $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $29,000. Sound Income Strategies LLC grew its position in Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares during the period. Finally, GFG Capital LLC acquired a new stake in Spotify Technology during the second quarter valued at $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 1.1%

Shares of SPOT opened at $585.88 on Friday. The company’s 50-day moving average price is $613.38 and its 200 day moving average price is $671.04. Spotify Technology has a 12-month low of $443.21 and a 12-month high of $785.00. The firm has a market cap of $120.63 billion, a P/E ratio of 92.12, a price-to-earnings-growth ratio of 1.89 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. Spotify Technology’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.45 earnings per share. Equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SPOT. Citigroup lifted their price target on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research note on Tuesday, September 9th. Benchmark boosted their price objective on Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Company 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.