Alamar Capital Management LLC Purchases Shares of 5,377 Spotify Technology $SPOT

Alamar Capital Management LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,377 shares of the company’s stock, valued at approximately $3,753,000. Spotify Technology comprises about 2.0% of Alamar Capital Management LLC’s investment portfolio, making the stock its 19th biggest position.

Several other large investors also recently made changes to their positions in the stock. Jefferies Financial Group Inc. increased its holdings in Spotify Technology by 5,387.0% during the third quarter. Jefferies Financial Group Inc. now owns 48,505 shares of the company’s stock worth $33,856,000 after buying an additional 47,621 shares during the last quarter. Rathbones Group PLC lifted its stake in Spotify Technology by 123.3% in the third quarter. Rathbones Group PLC now owns 13,442 shares of the company’s stock valued at $9,383,000 after acquiring an additional 7,421 shares during the last quarter. Meiji Yasuda Life Insurance Co grew its position in shares of Spotify Technology by 34.3% in the 3rd quarter. Meiji Yasuda Life Insurance Co now owns 1,336 shares of the company’s stock valued at $933,000 after acquiring an additional 341 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Spotify Technology by 9.3% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 737 shares of the company’s stock valued at $514,000 after acquiring an additional 63 shares during the period. Finally, Korea Investment CORP increased its stake in shares of Spotify Technology by 17.4% during the 3rd quarter. Korea Investment CORP now owns 173,454 shares of the company’s stock worth $121,071,000 after purchasing an additional 25,671 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.6%

Shares of SPOT stock opened at $566.73 on Monday. 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 $116.68 billion, a PE ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. The firm has a 50 day moving average price of $507.95 and a two-hundred day moving average price of $600.68.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group dropped their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Moffett Nathanson initiated coverage on Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price target on the stock. Cantor Fitzgerald dropped their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Guggenheim cut their price objective on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.