Spotify Technology $SPOT Shares Purchased by Rathbones Group PLC

Rathbones Group PLC grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 123.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,442 shares of the company’s stock after acquiring an additional 7,421 shares during the period. Rathbones Group PLC’s holdings in Spotify Technology were worth $9,383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Norges Bank acquired a new position in shares of Spotify Technology in the second quarter worth about $768,915,000. Principal Financial Group Inc. grew its stake in Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Fisher Asset Management LLC grew its stake in Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Franklin Resources Inc. increased its holdings in Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after purchasing an additional 333,537 shares during the last quarter. Finally, Brown Advisory Inc. increased its holdings in Spotify Technology by 931.2% during the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock worth $278,456,000 after purchasing an additional 327,667 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $566.73 on Monday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm’s 50-day moving average is $507.95 and its 200-day moving average is $600.68. The company has a market cap of $116.68 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66.

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

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. UBS Group dropped their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Sanford C. Bernstein cut their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Barclays increased their price objective on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, 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 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $698.91.

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.