CSM Advisors LLC Makes New $1.76 Million Investment in Spotify Technology $SPOT

CSM Advisors LLC purchased a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,530 shares of the company’s stock, valued at approximately $1,762,000.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on SPOT. Benchmark cut their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Sanford C. Bernstein dropped their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Cantor Fitzgerald cut their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Finally, Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Two research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Stock Up 1.7%

NYSE SPOT opened at $524.63 on Tuesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The business has a 50 day moving average price of $500.97 and a 200-day moving average price of $593.53. The company has a market cap of $108.01 billion, a price-to-earnings ratio of 54.42, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $1.88 EPS. Spotify Technology’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts anticipate 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.