Montag A & Associates Inc. Grows Position in Spotify Technology $SPOT

Montag A & Associates Inc. boosted its position in shares of Spotify Technology (NYSE:SPOT) by 62.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,739 shares of the company’s stock after buying an additional 1,057 shares during the period. Montag A & Associates Inc.’s holdings in Spotify Technology were worth $1,912,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Helios Capital Management PTE. Ltd. raised its holdings in shares of Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after buying an additional 2,700 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after buying an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. acquired a new position in Spotify Technology in the 3rd quarter valued at about $2,093,000. Ownership Capital B.V. purchased a new stake in Spotify Technology during the 3rd quarter valued at approximately $2,769,000. Finally, Generali Asset Management SPA SGR raised its stake in Spotify Technology by 30.9% during the 3rd 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 last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. KeyCorp lowered their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Citizens Jmp assumed coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective on the stock. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Finally, Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $698.91.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $534.99 on Thursday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The firm has a market capitalization of $110.12 billion, a P/E ratio of 55.50, a PEG ratio of 1.14 and a beta of 1.66. The company’s fifty day moving average is $508.95 and its two-hundred day moving average is $603.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating 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%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 earnings per share. On average, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology 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.