ARK Investment Management LLC Has $56.04 Million Stock Holdings in Spotify Technology $SPOT

ARK Investment Management LLC grew its stake in shares of Spotify Technology (NYSE:SPOT) by 8.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,285 shares of the company’s stock after purchasing an additional 6,100 shares during the period. ARK Investment Management LLC’s holdings in Spotify Technology were worth $56,039,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in 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 bought a new position in shares of Spotify Technology in the 3rd quarter worth $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. bought a new stake in Spotify Technology during the 2nd quarter valued at $29,000. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology during the third quarter worth $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPOT has been the subject of several recent research reports. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Moffett Nathanson started coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price for the company. Cantor Fitzgerald cut their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Benchmark decreased their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. Finally, Rosenblatt Securities cut their target price on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $698.91.

Spotify Technology Stock Up 2.9%

Shares of SPOT opened at $534.99 on Thursday. The business’s 50-day moving average price is $508.95 and its 200-day moving average price is $603.69. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The stock has a market cap of $110.12 billion, a PE ratio of 55.50, a P/E/G ratio of 1.14 and a beta of 1.66.

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

About Spotify Technology

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.