Zweig DiMenna Associates LLC Purchases 1,410 Shares of Spotify Technology $SPOT

Zweig DiMenna Associates LLC boosted its holdings in Spotify Technology (NYSE:SPOT) by 11.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,135 shares of the company’s stock after buying an additional 1,410 shares during the period. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $9,866,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Barclays raised their price objective on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Moffett Nathanson began coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target on the stock. Finally, Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $706.42.

Spotify Technology Stock Up 2.8%

NYSE:SPOT opened at $458.40 on Tuesday. 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 $531.43 and its two-hundred day moving average price is $619.31. The firm has a market capitalization of $94.35 billion, a price-to-earnings ratio of 47.55, a P/E/G ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results 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. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business earned $1.88 EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 10.3 EPS 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.