Jain Global LLC Acquires Shares of 16,084 Spotify Technology $SPOT

Jain Global LLC acquired a new position in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,084 shares of the company’s stock, valued at approximately $11,227,000.

Several other large investors have also added to or reduced their stakes in the stock. Knuff & Co LLC bought a new position in shares of Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. increased its stake in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock 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 company has a fifty day moving average of $500.97 and a 200-day moving average of $593.53. The stock has a market capitalization of $108.01 billion, a price-to-earnings ratio of 54.42, a price-to-earnings-growth 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 EPS for the quarter, topping 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 company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company earned $1.88 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on SPOT. Cantor Fitzgerald cut their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price on the stock. Wells Fargo & Company dropped their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average 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.