Syon Capital LLC Has $6.03 Million Position in Spotify Technology $SPOT

Syon Capital LLC increased its position in shares of Spotify Technology (NYSE:SPOT) by 14.8% during the third quarter, Holdings Channel reports. The institutional investor owned 8,637 shares of the company’s stock after purchasing an additional 1,115 shares during the quarter. Syon Capital LLC’s holdings in Spotify Technology were worth $6,029,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sage Mountain Advisors LLC increased its position in shares of Spotify Technology by 6.3% during the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares during the period. Cloud Capital Management LLC lifted its position in Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after purchasing an additional 18 shares during the period. Fullerton Fund Management Co Ltd. boosted its stake in Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after buying an additional 18 shares in the last quarter. Huntington National Bank increased its holdings in Spotify Technology by 3.9% in the 2nd quarter. Huntington National Bank now owns 506 shares of the company’s stock valued at $388,000 after buying an additional 19 shares during the period. Finally, Granite Group Advisors LLC raised its stake in shares of Spotify Technology by 2.6% in the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock valued at $528,000 after buying an additional 19 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SPOT. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price target for the company. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Guggenheim lowered their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology Stock Up 0.9%

Spotify Technology stock opened at $462.69 on Wednesday. The stock has a 50-day simple moving average of $528.86 and a 200 day simple moving average of $618.16. The stock has a market capitalization of $95.24 billion, a price-to-earnings ratio of 48.00, a P/E/G ratio of 1.08 and a beta of 1.66. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $1.88 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

About Spotify Technology

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.