Allspring Global Investments Holdings LLC Has $176.73 Million Stake in Spotify Technology $SPOT

Allspring Global Investments Holdings LLC lifted its stake in Spotify Technology (NYSE:SPOT) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,223 shares of the company’s stock after purchasing an additional 2,332 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Spotify Technology worth $176,728,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in Spotify Technology in the 2nd quarter valued at $768,915,000. Axiom Investors LLC DE lifted its stake 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 valued at $395,847,000 after acquiring an additional 492,504 shares during the period. Fisher Asset Management LLC boosted its holdings in Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after acquiring an additional 460,115 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Spotify Technology by 215.3% in the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock valued at $387,758,000 after acquiring an additional 345,048 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Spotify Technology by 39.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company’s stock worth $648,434,000 after purchasing an additional 336,162 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPOT. Pivotal Research reduced their target price on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Barclays reduced their price objective on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Finally, Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two equities research 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’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $576.42 on Wednesday. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The company’s 50 day moving average price is $607.55 and its two-hundred day moving average price is $668.03. The company has a market capitalization of $118.68 billion, a P/E ratio of 90.63, a price-to-earnings-growth ratio of 1.87 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 (EPS) for the quarter, topping 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 company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the firm earned $1.45 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts forecast that Spotify Technology will post 10.3 earnings per share 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.