Allspring Global Investments Holdings LLC Has $140.02 Million Stock Holdings in Spotify Technology $SPOT

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,520 shares of the company’s stock after selling 8,703 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.12% of Spotify Technology worth $140,024,000 at the end of the most recent quarter.

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

Spotify Technology Trading Up 0.5%

SPOT opened at $474.91 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company has a market cap of $97.77 billion, a PE ratio of 49.26, a price-to-earnings-growth ratio of 1.03 and a beta of 1.66. The company has a 50 day moving average of $491.61 and a 200 day moving average of $578.59.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm 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 business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.88 earnings per share. Research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Cantor Fitzgerald cut their target price on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Barclays lifted their price target on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, Benchmark reduced their target price 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. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $699.00.

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.