Dimensional Fund Advisors LP Acquires 18,254 Shares of Spotify Technology $SPOT

Dimensional Fund Advisors LP lifted its holdings in shares of Spotify Technology (NYSE:SPOT) by 7.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 252,597 shares of the company’s stock after buying an additional 18,254 shares during the period. Dimensional Fund Advisors LP owned about 0.12% of Spotify Technology worth $176,383,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new position in shares of Spotify Technology in the second quarter worth about $768,915,000. Principal Financial Group Inc. grew its holdings in shares of Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after purchasing an additional 555,752 shares during the last quarter. Fisher Asset Management LLC increased its position in Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Franklin Resources Inc. increased its position in Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after purchasing an additional 333,537 shares in the last quarter. Finally, Brown Advisory Inc. lifted its stake in Spotify Technology by 931.2% in the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after purchasing an additional 327,667 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPOT. Guggenheim cut their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Wells Fargo & Company lowered their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Moffett Nathanson began coverage on Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a research report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Trading Down 3.5%

SPOT stock opened at $545.47 on Tuesday. The firm has a market cap of $112.30 billion, a PE ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. The stock has a 50-day moving average price of $507.23 and a 200-day moving average price of $599.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

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.