Amova Asset Management Americas Inc. Has $121.83 Million Stake in Spotify Technology $SPOT

Amova Asset Management Americas Inc. lowered its holdings in Spotify Technology (NYSE:SPOT) by 23.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,623 shares of the company’s stock after selling 53,570 shares during the period. Spotify Technology makes up 1.2% of Amova Asset Management Americas Inc.’s portfolio, making the stock its 22nd biggest position. Amova Asset Management Americas Inc. owned about 0.08% of Spotify Technology worth $121,831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SPOT. Helios Capital Management PTE. Ltd. grew its stake in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Bessemer Group Inc. grew its position in Spotify Technology by 35.1% in the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after acquiring an additional 177,310 shares in the last quarter. Truxt Investmentos Ltda. acquired a new position in shares of Spotify Technology during the 3rd quarter worth $2,093,000. Ownership Capital B.V. acquired a new position in shares of Spotify Technology during the 3rd quarter worth $2,769,000. Finally, Generali Asset Management SPA SGR raised its holdings in shares of Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after purchasing an additional 16,054 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.9%

Shares of SPOT stock opened at $534.99 on Thursday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company has a market capitalization of $110.12 billion, a P/E ratio of 55.50, a P/E/G ratio of 1.14 and a beta of 1.66. The stock has a 50 day moving average of $508.95 and a two-hundred day moving average of $603.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 earnings per share. Sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SPOT shares. Guggenheim cut their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. KeyCorp decreased their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $698.91.

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.