CV Advisors LLC Invests $698,000 in Spotify Technology $SPOT

CV Advisors LLC bought a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent filing with the SEC. The firm bought 1,000 shares of the company’s stock, valued at approximately $698,000. Spotify Technology makes up 0.2% of CV Advisors LLC’s investment portfolio, making the stock its 27th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Axiom Investors LLC DE raised its holdings in 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 buying an additional 492,504 shares during the last quarter. Quarry LP bought a new stake in shares of Spotify Technology during the first quarter worth about $44,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Spotify Technology during the first quarter worth about $364,000. PDT Partners LLC raised its holdings in shares of Spotify Technology by 341.5% in the 1st quarter. PDT Partners LLC now owns 2,000 shares of the company’s stock worth $1,100,000 after acquiring an additional 1,547 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec raised its holdings in shares of Spotify Technology by 14.1% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 8,626 shares of the company’s stock worth $4,746,000 after acquiring an additional 1,063 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SPOT shares. JPMorgan Chase & Co. raised their target price on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Pivotal Research cut their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Argus started coverage on Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 target price for the company. Citigroup lifted their price target on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. Finally, BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Trading Up 0.9%

NYSE:SPOT opened at $581.66 on Friday. The firm’s 50 day moving average is $603.82 and its 200 day moving average is $666.83. Spotify Technology has a 12 month low of $443.21 and a 12 month high of $785.00. The stock has a market capitalization of $119.76 billion, a PE ratio of 91.46, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66.

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