GLOBALT Investments LLC GA Takes $809,000 Position in Spotify Technology S.A. (NYSE:SPOT)

GLOBALT Investments LLC GA bought a new position in Spotify Technology S.A. (NYSE:SPOT) during the third quarter, Holdings Channel reports. The fund bought 2,196 shares of the company’s stock, valued at approximately $809,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Swedbank AB purchased a new position in Spotify Technology in the 1st quarter worth about $198,663,000. WCM Investment Management LLC boosted its holdings in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the period. International Assets Investment Management LLC increased its position in shares of Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after acquiring an additional 333,782 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Spotify Technology by 179.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock valued at $140,120,000 after acquiring an additional 243,933 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $454.20 on Tuesday. The stock’s 50 day simple moving average is $380.76 and its 200 day simple moving average is $339.74. Spotify Technology S.A. has a twelve month low of $175.00 and a twelve month high of $489.69. The company has a market capitalization of $90.41 billion, a price-to-earnings ratio of 123.42 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 EPS. On average, analysts forecast that Spotify Technology S.A. will post 6.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPOT. Evercore ISI lifted their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.