Spotify Technology $SPOT Holdings Increased by Anchor Investment Management LLC

Anchor Investment Management LLC increased its stake in Spotify Technology (NYSE:SPOT) by 563.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,759 shares of the company’s stock after acquiring an additional 1,494 shares during the period. Anchor Investment Management LLC’s holdings in Spotify Technology were worth $1,228,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC bought a new position in Spotify Technology during the 2nd quarter valued at $312,000. Allworth Financial LP increased its position in shares of Spotify Technology by 31.1% during the 2nd quarter. Allworth Financial LP now owns 536 shares of the company’s stock valued at $412,000 after purchasing an additional 127 shares during the period. Advisors Capital Management LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth $213,000. Foundations Investment Advisors LLC raised its stake in shares of Spotify Technology by 59.5% in the 2nd quarter. Foundations Investment Advisors LLC now owns 686 shares of the company’s stock worth $526,000 after buying an additional 256 shares in the last quarter. Finally, Creative Planning lifted its holdings in shares of Spotify Technology by 22.9% in the second quarter. Creative Planning now owns 26,479 shares of the company’s stock valued at $20,318,000 after buying an additional 4,936 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research note on Thursday, February 26th. Sanford C. Bernstein cut their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a report on Friday, January 30th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $875.00 to $420.00 in a 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Stock Up 1.3%

NYSE:SPOT opened at $516.14 on Monday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The stock has a fifty day simple moving average of $502.35 and a 200 day simple moving average of $594.68.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company earned $1.88 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities 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.