Bellwether Advisors LLC Grows Stock Position in Spotify Technology $SPOT

Bellwether Advisors LLC increased its holdings in Spotify Technology (NYSE:SPOT) by 98.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,427 shares of the company’s stock after buying an additional 3,683 shares during the quarter. Spotify Technology accounts for about 0.9% of Bellwether Advisors LLC’s investment portfolio, making the stock its 27th largest position. Bellwether Advisors LLC’s holdings in Spotify Technology were worth $5,184,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cresset Asset Management LLC raised its holdings in Spotify Technology by 10.0% in the 3rd quarter. Cresset Asset Management LLC now owns 9,215 shares of the company’s stock worth $6,432,000 after purchasing an additional 839 shares during the period. Oak Grove Capital LLC purchased a new stake in Spotify Technology in the third quarter worth about $489,000. CI Investments Inc. increased its position in Spotify Technology by 101.3% in the third quarter. CI Investments Inc. now owns 101,829 shares of the company’s stock worth $71,077,000 after buying an additional 51,247 shares in the last quarter. Focus Partners Advisor Solutions LLC raised its stake in shares of Spotify Technology by 7.9% in the third quarter. Focus Partners Advisor Solutions LLC now owns 981 shares of the company’s stock worth $636,000 after buying an additional 72 shares during the period. Finally, Kingsview Wealth Management LLC lifted its position in shares of Spotify Technology by 17.2% during the 3rd quarter. Kingsview Wealth Management LLC now owns 518 shares of the company’s stock valued at $362,000 after buying an additional 76 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 2.3%

Shares of SPOT stock opened at $518.99 on Wednesday. The stock has a market capitalization of $106.82 billion, a price-to-earnings ratio of 53.84, a price-to-earnings-growth ratio of 1.11 and a beta of 1.66. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock’s 50-day moving average price is $509.97 and its 200-day moving average price is $604.17.

Spotify Technology (NYSE:SPOT) last released its quarterly 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. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.88 EPS. As a group, research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SPOT shares. 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 report on Friday, January 16th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research note on Friday, January 30th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.