Spotify Technology $SPOT Shares Purchased by Legal & General Group Plc

Legal & General Group Plc raised its position in Spotify Technology (NYSE:SPOT) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,120,442 shares of the company’s stock after acquiring an additional 11,586 shares during the quarter. Legal & General Group Plc owned 0.54% of Spotify Technology worth $782,069,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SPOT. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $312,000. Atlantic Union Bankshares Corp purchased a new stake in Spotify Technology during the 2nd quarter worth $127,000. Savant Capital LLC lifted its holdings in Spotify Technology by 50.5% in the 2nd quarter. Savant Capital LLC now owns 2,767 shares of the company’s stock worth $2,123,000 after buying an additional 929 shares in the last quarter. Wedbush Securities Inc. boosted its position in Spotify Technology by 17.0% in the 2nd quarter. Wedbush Securities Inc. now owns 1,987 shares of the company’s stock valued at $1,525,000 after buying an additional 288 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its position in Spotify Technology by 129.0% in the 2nd quarter. Penserra Capital Management LLC now owns 7,723 shares of the company’s stock valued at $5,925,000 after buying an additional 4,351 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPOT. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Sanford C. Bernstein reduced their target price on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Finally, Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a research report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Stock Performance

NYSE:SPOT opened at $545.47 on Tuesday. The company has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The stock has a 50-day simple moving average of $507.23 and a 200 day simple moving average of $599.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm 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 firm posted $1.88 earnings per share. Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal 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.