Spotify Technology $SPOT Shares Purchased by Bamco Inc. NY

Bamco Inc. NY boosted its position in shares of Spotify Technology (NYSE:SPOT) by 5.5% during the third quarter, Holdings Channel reports. The firm owned 988,695 shares of the company’s stock after buying an additional 51,372 shares during the quarter. Spotify Technology comprises approximately 1.8% of Bamco Inc. NY’s holdings, making the stock its 12th biggest position. Bamco Inc. NY’s holdings in Spotify Technology were worth $690,109,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology in the 2nd quarter worth about $312,000. AE Wealth Management LLC increased its holdings in Spotify Technology by 11.7% during the 2nd quarter. AE Wealth Management LLC now owns 600 shares of the company’s stock valued at $461,000 after acquiring an additional 63 shares in the last quarter. Allworth Financial LP raised its position in Spotify Technology by 31.1% during the second quarter. Allworth Financial LP now owns 536 shares of the company’s stock worth $412,000 after acquiring an additional 127 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Spotify Technology by 17.4% during the second quarter. PNC Financial Services Group Inc. now owns 20,756 shares of the company’s stock worth $15,927,000 after acquiring an additional 3,082 shares during the last quarter. Finally, Advisors Capital Management LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at about $213,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $875.00 to $420.00 in a research report on Wednesday, February 11th. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research note on Friday, January 30th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Benchmark dropped their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Finally, Moffett Nathanson assumed coverage on Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Stock Performance

Shares of SPOT opened at $516.14 on Friday. The company has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The company’s 50 day simple moving average is $502.35 and its 200 day simple moving average is $595.37. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 EPS. Equities analysts expect that Spotify Technology will post 10.3 EPS 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.