Hyperion Asset Management Ltd Raises Position in Spotify Technology $SPOT

Hyperion Asset Management Ltd raised its position in shares of Spotify Technology (NYSE:SPOT) by 10.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 365,378 shares of the company’s stock after buying an additional 36,054 shares during the period. Spotify Technology comprises 7.1% of Hyperion Asset Management Ltd’s portfolio, making the stock its 7th biggest position. Hyperion Asset Management Ltd owned about 0.18% of Spotify Technology worth $255,034,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SPOT. Fred Alger Management LLC boosted its holdings in shares of Spotify Technology by 30.2% in the 3rd quarter. Fred Alger Management LLC now owns 500,201 shares of the company’s stock worth $349,140,000 after acquiring an additional 115,991 shares in the last quarter. Focus Partners Wealth grew its position in Spotify Technology by 98.1% during the 3rd quarter. Focus Partners Wealth now owns 29,769 shares of the company’s stock worth $20,778,000 after acquiring an additional 14,745 shares during the last quarter. Delta Global Management LP increased its holdings in Spotify Technology by 60.2% during the 3rd quarter. Delta Global Management LP now owns 58,025 shares of the company’s stock valued at $40,501,000 after purchasing an additional 21,800 shares in the last quarter. Emmett Investment Management LP increased its holdings in Spotify Technology by 1.1% during the 3rd quarter. Emmett Investment Management LP now owns 14,263 shares of the company’s stock valued at $9,994,000 after purchasing an additional 160 shares in the last quarter. Finally, Coatue Management LLC raised its position in Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after purchasing an additional 212,006 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $516.14 on Monday. The stock has a fifty day moving average of $502.35 and a 200-day moving average of $594.68. The stock has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.88 earnings per share. Equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SPOT. Guggenheim reduced their price objective on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Citizens Jmp initiated coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Two equities 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.