Boston Common Asset Management LLC Takes Position in Spotify Technology $SPOT

Boston Common Asset Management LLC purchased a new position in Spotify Technology (NYSE:SPOT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 32,080 shares of the company’s stock, valued at approximately $18,629,000. Spotify Technology makes up 0.9% of Boston Common Asset Management LLC’s portfolio, making the stock its 27th biggest holding.

A number of other large investors have also added to or reduced their stakes in SPOT. Helios Capital Management PTE. Ltd. lifted its stake in shares of Spotify Technology by 56.3% during the 3rd 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 last quarter. Bessemer Group Inc. raised its holdings in shares of Spotify Technology by 35.1% in 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 in the last quarter. Truxt Investmentos Ltda. purchased a new stake in Spotify Technology during the third quarter worth $2,093,000. Ownership Capital B.V. purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $2,769,000. Finally, Generali Asset Management SPA SGR boosted its holdings 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 valued at $46,692,000 after buying an additional 16,054 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Cantor Fitzgerald lowered their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. KeyCorp reduced their price target on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Finally, UBS Group decreased their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $699.00.

Spotify Technology Price Performance

NYSE SPOT opened at $474.91 on Tuesday. The stock has a market capitalization of $97.77 billion, a P/E ratio of 49.26, a PEG ratio of 1.03 and a beta of 1.66. The firm’s 50-day moving average is $491.61 and its two-hundred day moving average is $578.59. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its 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 net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $1.88 EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology 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.