Sands Capital Management LLC Increases Stock Position in Spotify Technology $SPOT

Sands Capital Management LLC lifted its holdings in shares of Spotify Technology (NYSE:SPOT) by 14.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,547,640 shares of the company’s stock after purchasing an additional 192,837 shares during the period. Spotify Technology comprises approximately 3.0% of Sands Capital Management LLC’s holdings, making the stock its 11th biggest holding. Sands Capital Management LLC’s holdings in Spotify Technology were worth $1,080,253,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Spotify Technology in the 2nd quarter valued at approximately $768,915,000. Capital World Investors increased its position in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares in the last quarter. Capital Research Global Investors purchased a new position in Spotify Technology during the third quarter worth $512,190,000. Principal Financial Group Inc. raised its holdings in shares of Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after acquiring an additional 555,752 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after acquiring an additional 460,115 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.7%

Shares of NYSE:SPOT opened at $530.27 on Wednesday. The firm has a market cap of $109.17 billion, a price-to-earnings ratio of 55.01, a PEG ratio of 1.19 and a beta of 1.66. The stock’s 50-day moving average price is $506.30 and its two-hundred day moving average price is $598.51. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company earned $1.88 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Barclays upped their price objective on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Benchmark cut their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. Cantor Fitzgerald reduced their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Finally, Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $703.87.

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.