Hodges Capital Management Inc. Buys 14,109 Shares of Spotify Technology $SPOT

Hodges Capital Management Inc. raised its stake in shares of Spotify Technology (NYSE:SPOT) by 300.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,810 shares of the company’s stock after purchasing an additional 14,109 shares during the period. Spotify Technology accounts for 1.1% of Hodges Capital Management Inc.’s portfolio, making the stock its 28th largest holding. Hodges Capital Management Inc.’s holdings in Spotify Technology were worth $13,129,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Helios Capital Management PTE. Ltd. increased its holdings in shares of Spotify Technology by 56.3% during the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares during the period. Bessemer Group Inc. lifted its stake in shares of Spotify Technology by 35.1% in the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after buying an additional 177,310 shares during the period. Truxt Investmentos Ltda. acquired a new stake in Spotify Technology during the third quarter worth about $2,093,000. Ownership Capital B.V. bought a new position in Spotify Technology during the third quarter valued at about $2,769,000. Finally, Generali Asset Management SPA SGR increased its stake in Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after acquiring an additional 16,054 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Rosenblatt Securities reduced their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Guggenheim decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Barclays lifted their target price on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Finally, Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a research note on Friday, January 30th. Two equities 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $706.42.

Spotify Technology Trading Up 0.9%

NYSE SPOT opened at $462.69 on Wednesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The company has a 50 day moving average of $528.86 and a 200-day moving average of $618.16. The firm has a market cap of $95.24 billion, a price-to-earnings ratio of 48.00, a PEG ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced 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 business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 EPS. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current 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.