EDENTREE ASSET MANAGEMENT Ltd Increases Holdings in Spotify Technology $SPOT

EDENTREE ASSET MANAGEMENT Ltd raised its stake in Spotify Technology (NYSE:SPOT) by 44.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,250 shares of the company’s stock after buying an additional 3,750 shares during the quarter. Spotify Technology makes up approximately 2.1% of EDENTREE ASSET MANAGEMENT Ltd’s investment portfolio, making the stock its 18th largest position. EDENTREE ASSET MANAGEMENT Ltd’s holdings in Spotify Technology were worth $8,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. increased its holdings in shares of Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 2nd quarter valued at approximately $29,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at approximately $29,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent analyst reports. UBS Group cut their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. The Goldman Sachs Group raised 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 report on Friday, January 23rd. Guggenheim decreased their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Finally, Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $875.00 to $420.00 in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Stock Performance

Shares of SPOT opened at $490.98 on Friday. The company’s 50-day simple moving average is $521.83 and its 200-day simple moving average is $614.85. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a market capitalization of $101.06 billion, a PE ratio of 50.93, a P/E/G ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.88 earnings per share. On average, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share 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.