Thrivent Financial for Lutherans Increases Position in Spotify Technology $SPOT

Thrivent Financial for Lutherans boosted its position in Spotify Technology (NYSE:SPOT) by 110.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 434,389 shares of the company’s stock after acquiring an additional 228,003 shares during the quarter. Spotify Technology accounts for approximately 0.6% of Thrivent Financial for Lutherans’ portfolio, making the stock its 20th largest holding. Thrivent Financial for Lutherans’ holdings in Spotify Technology were worth $303,204,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. Norges Bank bought a new position in shares of Spotify Technology during the 2nd quarter valued at about $768,915,000. Fisher Asset Management LLC lifted its position in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares during the last quarter. Bessemer Group Inc. boosted its stake in Spotify Technology by 215.3% in the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after buying an additional 345,048 shares in the last quarter. Franklin Resources Inc. grew its position in Spotify Technology by 41.8% during the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock valued at $867,937,000 after acquiring an additional 333,537 shares during the last quarter. Finally, Brown Advisory Inc. grew its position in Spotify Technology by 931.2% during the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after acquiring an additional 327,667 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. UBS Group lowered their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Citizens Jmp assumed coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday, December 29th. Two 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $727.71.

Spotify Technology Trading Down 0.8%

Shares of NYSE:SPOT opened at $499.69 on Friday. The company has a 50-day moving average price of $558.79 and a 200-day moving average price of $637.01. The company has a market cap of $102.88 billion, a price-to-earnings ratio of 78.57, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00.

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