Spotify Technology $SPOT Holdings Lifted by Mizuho Markets Cayman LP

Mizuho Markets Cayman LP increased its position in shares of Spotify Technology (NYSE:SPOT) by 583.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,323 shares of the company’s stock after acquiring an additional 7,105 shares during the period. Spotify Technology makes up about 0.2% of Mizuho Markets Cayman LP’s investment portfolio, making the stock its 27th largest position. Mizuho Markets Cayman LP’s holdings in Spotify Technology were worth $5,809,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Knuff & Co LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at about $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. raised its holdings in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. acquired a new stake in Spotify Technology during the second quarter valued at approximately $29,000. Finally, Westfuller Advisors LLC bought a new stake in Spotify Technology during the third quarter worth approximately $29,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Moffett Nathanson began coverage on Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective 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. Benchmark cut their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Finally, Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Two equities research 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. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Price Performance

SPOT stock opened at $524.63 on Tuesday. The firm has a market capitalization of $108.01 billion, a P/E ratio of 54.42, a P/E/G ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The company’s 50 day simple moving average is $500.97 and its 200-day simple moving average is $593.53.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping 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 firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business posted $1.88 EPS. The company’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts predict that Spotify Technology will post 10.3 EPS 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.