Avala Global LP Boosts Stake in Spotify Technology $SPOT

Avala Global LP increased its holdings in shares of Spotify Technology (NYSE:SPOT) by 75.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,300 shares of the company’s stock after acquiring an additional 17,700 shares during the quarter. Spotify Technology comprises 1.2% of Avala Global LP’s investment portfolio, making the stock its 27th biggest position. Avala Global LP’s holdings in Spotify Technology were worth $28,827,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its stake in Spotify Technology by 1.7% in the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after purchasing an additional 74,256 shares in the last quarter. Capital World Investors grew its position in shares of Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Spotify Technology by 4.6% in the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after purchasing an additional 113,612 shares during the last quarter. Sands Capital Management LLC lifted its position in Spotify Technology by 14.2% during the third quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock worth $1,080,253,000 after buying an additional 192,837 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Spotify Technology by 17.3% during the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after buying an additional 214,355 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.3%

NYSE:SPOT opened at $516.14 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The company has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66. The stock’s fifty day moving average is $502.35 and its two-hundred day moving average is $595.37.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.88 EPS. Sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target on the stock in a report on Friday, January 30th. KeyCorp lowered their price target on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Benchmark dropped their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Finally, Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.