WT Asset Management Ltd Purchases New Position in Spotify Technology S.A. (NYSE:SPOT)

WT Asset Management Ltd acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 33,500 shares of the company’s stock, valued at approximately $14,987,000. Spotify Technology accounts for 1.7% of WT Asset Management Ltd’s investment portfolio, making the stock its 15th biggest position.

Other institutional investors also recently bought and sold shares of the company. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% during the 3rd 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 in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology during the 4th quarter valued at about $1,335,575,000. State Street Corp lifted its position in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares during the period. Finally, FMR LLC lifted its position in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of several research reports. Bank of America lifted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley increased their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $451.39.

Spotify Technology Trading Up 13.4 %

Shares of NYSE SPOT opened at $622.69 on Wednesday. The company has a 50 day simple moving average of $482.11 and a two-hundred day simple moving average of $407.08. The stock has a market cap of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63. Spotify Technology S.A. has a 12 month low of $219.36 and a 12 month high of $623.40.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current year.

Spotify Technology 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.