Capricorn Fund Managers Ltd Purchases New Stake in Spotify Technology $SPOT

Capricorn Fund Managers Ltd acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,537 shares of the company’s stock, valued at approximately $3,167,000. Spotify Technology accounts for approximately 1.1% of Capricorn Fund Managers Ltd’s portfolio, making the stock its 29th biggest holding.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Axiom Investors LLC DE boosted its holdings in shares of Spotify Technology by 216.8% during the first quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock worth $395,847,000 after purchasing an additional 492,504 shares during the period. Truvestments Capital LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $34,000. Lansforsakringar Fondforvaltning AB publ lifted its position in Spotify Technology by 111.8% in the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 2,995 shares of the company’s stock worth $1,647,000 after buying an additional 1,581 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Spotify Technology by 50.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 350,323 shares of the company’s stock valued at $192,688,000 after buying an additional 117,551 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Spotify Technology by 50.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 57,610 shares of the company’s stock valued at $31,687,000 after acquiring an additional 19,274 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SPOT shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 22nd. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Rosenblatt Securities dropped their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the 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 Stock Performance

SPOT opened at $584.80 on Friday. The firm has a market cap of $120.41 billion, a P/E ratio of 91.95, a price-to-earnings-growth ratio of 1.88 and a beta of 1.66. The business has a 50 day moving average price of $611.66 and a 200 day moving average price of $670.09. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating 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 company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same quarter last year, the firm posted $1.45 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.