EFG Asset Management North America Corp. Buys Shares of 3,937 Spotify Technology $SPOT

EFG Asset Management North America Corp. bought a new position in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,937 shares of the company’s stock, valued at approximately $2,750,000.

Other hedge funds have also recently bought and sold shares of the company. Helios Capital Management PTE. Ltd. raised its holdings in shares of Spotify Technology by 56.3% during 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 in the last quarter. Generali Asset Management SPA SGR increased its position in 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 last quarter. Cynosure Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth about $2,862,000. Ownership Capital B.V. acquired a new stake in shares of Spotify Technology during the 3rd quarter valued at about $2,769,000. Finally, Commonwealth Equity Services LLC grew its stake in shares of Spotify Technology by 12.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after buying an additional 2,032 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 0.2%

SPOT opened at $511.75 on Wednesday. The stock’s 50 day moving average price is $564.41 and its two-hundred day moving average price is $640.90. The firm has a market capitalization of $105.36 billion, a P/E ratio of 80.46, a price-to-earnings-growth ratio of 0.97 and a beta of 1.66. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the business earned $1.45 earnings per share. Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on SPOT. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Wells Fargo & Company cut their price target 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. Citizens Jmp assumed coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective for the company. Guggenheim lowered their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, Pivotal Research reduced their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $730.94.

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.