Calamos Wealth Management LLC Raises Position in Spotify Technology $SPOT

Calamos Wealth Management LLC increased its stake in Spotify Technology (NYSE:SPOT) by 311.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,406 shares of the company’s stock after buying an additional 14,695 shares during the quarter. Calamos Wealth Management LLC’s holdings in Spotify Technology were worth $13,545,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Spotify Technology in the third quarter valued at $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology during the 2nd quarter valued at $29,000. Sound Income Strategies LLC grew its holdings in Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares in the last quarter. Finally, Albion Financial Group UT increased its stake in Spotify Technology by 80.0% during the 3rd quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after buying an additional 20 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 0.8%

Shares of NYSE SPOT opened at $576.42 on Wednesday. The stock’s 50 day moving average price is $607.55 and its two-hundred day moving average price is $668.03. Spotify Technology has a 52-week low of $443.21 and a 52-week high of $785.00. The stock has a market capitalization of $118.68 billion, a P/E ratio of 90.63, a PEG ratio of 1.87 and a beta of 1.66.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Pivotal Research decreased their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Cantor Fitzgerald increased their price target on Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Citizens Jmp began coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Argus initiated coverage on Spotify Technology in a research report on Monday, September 29th. They issued a “buy” rating and a $845.00 target price on the stock. Finally, Erste Group Bank cut 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 given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $760.23.

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.