Universal Beteiligungs und Servicegesellschaft mbH Boosts Stake in Spotify Technology $SPOT

Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 14.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 335,653 shares of the company’s stock after purchasing an additional 43,556 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Spotify Technology were worth $234,286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SPOT. Knuff & Co LLC purchased a new position in Spotify Technology in the 2nd quarter worth $27,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the third quarter valued at about $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology in the second quarter worth about $29,000. Sound Income Strategies LLC lifted its holdings in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares during the period. Finally, Albion Financial Group UT boosted its position in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after buying an additional 20 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent research reports. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Sanford C. Bernstein decreased their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. 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 research report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. raised their target price on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $741.40.

Spotify Technology Trading Up 1.2%

Shares of SPOT stock opened at $510.37 on Wednesday. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The business’s 50 day moving average is $577.78 and its two-hundred day moving average is $648.37. The company has a market capitalization of $105.08 billion, a P/E ratio of 80.25, a P/E/G ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the company posted $1.45 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. On average, 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.