Spotify Technology $SPOT Stake Increased by Atala Financial Inc

Atala Financial Inc boosted its stake in Spotify Technology (NYSE:SPOT) by 122.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,073 shares of the company’s stock after acquiring an additional 1,142 shares during the period. Atala Financial Inc’s holdings in Spotify Technology were worth $1,447,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter valued at about $312,000. Ameritas Advisory Services LLC acquired a new position in Spotify Technology in the second quarter worth about $185,000. QRG Capital Management Inc. increased its holdings in Spotify Technology by 3.9% in the second quarter. QRG Capital Management Inc. now owns 738 shares of the company’s stock valued at $566,000 after buying an additional 28 shares during the last quarter. Checchi Capital Advisers LLC acquired a new stake in Spotify Technology during the second quarter valued at approximately $234,000. Finally, Berger Financial Group Inc bought a new position in Spotify Technology during the 2nd quarter worth approximately $251,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Cantor Fitzgerald decreased their target price on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. Finally, Citizens Jmp started coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Stock Performance

Shares of SPOT opened at $473.15 on Wednesday. The firm has a fifty day moving average of $555.01 and a 200-day moving average of $633.47. The company has a market cap of $97.42 billion, a price-to-earnings ratio of 74.40, a price-to-earnings-growth ratio of 0.97 and a beta of 1.66. Spotify Technology has a 1 year low of $464.24 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued 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. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. Spotify Technology’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $1.45 EPS. Analysts predict that Spotify Technology will post 10.3 EPS 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.