Waratah Capital Advisors Ltd. Purchases 8,404 Shares of Spotify Technology $SPOT

Waratah Capital Advisors Ltd. boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 395.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,531 shares of the company’s stock after acquiring an additional 8,404 shares during the period. Waratah Capital Advisors Ltd.’s holdings in Spotify Technology were worth $7,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SPOT shares. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $875.00 to $420.00 in a research report on Wednesday, February 11th. Sanford C. Bernstein cut their price objective 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. Finally, Wells Fargo & Company reduced their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $702.55.

Spotify Technology Trading Down 0.4%

NYSE:SPOT opened at $465.85 on Wednesday. The company has a market cap of $95.88 billion, a PE ratio of 48.32, a P/E/G ratio of 1.02 and a beta of 1.66. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company’s 50 day moving average is $517.39 and its two-hundred day moving average is $611.25.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the company posted $1.88 earnings per share. As a group, analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal 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.