Greenwoods Asset Management Hong Kong Ltd. Acquires Shares of 13,226 Spotify Technology $SPOT

Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 13,226 shares of the company’s stock, valued at approximately $9,232,000. Spotify Technology makes up 0.2% of Greenwoods Asset Management Hong Kong Ltd.’s portfolio, making the stock its 27th largest holding.

Other institutional investors have also modified their holdings of the company. Knuff & Co LLC acquired a new position in Spotify Technology in the second quarter worth about $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology during the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. lifted its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Rosenblatt Securities dropped their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Citizens Jmp began coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 target price on the stock. Sanford C. Bernstein decreased 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. Finally, Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research 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. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $706.42.

Spotify Technology Price Performance

Spotify Technology stock opened at $490.98 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock has a market capitalization of $101.06 billion, a PE ratio of 50.93, a price-to-earnings-growth ratio of 1.07 and a beta of 1.66. The firm has a 50 day simple moving average of $521.83 and a 200-day simple moving average of $615.08.

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. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 EPS. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.