3,238 Shares in Spotify Technology $SPOT Purchased by HWG Holdings LP

HWG Holdings LP bought a new stake in Spotify Technology (NYSE:SPOT) during the 3rd quarter, HoldingsChannel reports. The fund bought 3,238 shares of the company’s stock, valued at approximately $2,260,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Sapient Capital LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $322,000. Legacy Capital Group California Inc. boosted its holdings in shares of Spotify Technology by 110.9% during the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock worth $2,990,000 after buying an additional 2,049 shares in the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Spotify Technology by 39.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after buying an additional 769 shares during the period. Swedbank AB increased its stake in shares of Spotify Technology by 1.4% in the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after acquiring an additional 13,458 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Spotify Technology during the 2nd quarter valued at $18,877,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on SPOT shares. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Citizens Jmp started coverage on Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price for the company. Citigroup upped their price target on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 9th. Rosenblatt Securities cut their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Stock Performance

SPOT opened at $578.65 on Tuesday. The firm has a market cap of $119.14 billion, a P/E ratio of 90.98, a PEG ratio of 1.90 and a beta of 1.66. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The firm has a 50-day moving average of $618.72 and a 200 day moving average of $673.18.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the previous year, the company earned $1.45 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.