Spotify Technology $SPOT Stock Position Lifted by Coatue Management LLC

Coatue Management LLC lifted its position in Spotify Technology (NYSE:SPOT) by 13.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,803,173 shares of the company’s stock after acquiring an additional 212,006 shares during the quarter. Spotify Technology accounts for approximately 3.1% of Coatue Management LLC’s holdings, making the stock its 15th largest position. Coatue Management LLC owned 0.88% of Spotify Technology worth $1,258,615,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Sage Mountain Advisors LLC raised its position in shares of Spotify Technology by 6.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after acquiring an additional 17 shares in the last quarter. Fullerton Fund Management Co Ltd. boosted its holdings in Spotify Technology by 7.0% in the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after purchasing an additional 18 shares during the period. Granite Group Advisors LLC boosted its holdings in Spotify Technology by 2.6% in the third quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock worth $528,000 after purchasing an additional 19 shares during the period. Ameritas Advisory Services LLC increased its stake in Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after purchasing an additional 19 shares during the last quarter. Finally, Aprio Wealth Management LLC increased its stake in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.3%

SPOT stock opened at $516.14 on Friday. The stock has a market cap of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The firm’s 50-day simple moving average is $502.35 and its 200 day simple moving average is $595.37. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the business posted $1.88 EPS. Spotify Technology’s revenue was up 6.8% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SPOT shares. UBS Group reduced their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Benchmark lowered their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Guggenheim cut their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Finally, Citizens Jmp assumed 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $703.87.

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.