Hodges Capital Management Inc. Has $13.13 Million Stock Holdings in Spotify Technology $SPOT

Hodges Capital Management Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT) by 300.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,810 shares of the company’s stock after purchasing an additional 14,109 shares during the period. Spotify Technology comprises about 1.1% of Hodges Capital Management Inc.’s holdings, making the stock its 28th biggest holding. Hodges Capital Management Inc.’s holdings in Spotify Technology were worth $13,129,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Spotify Technology during the second quarter valued at about $768,915,000. Principal Financial Group Inc. lifted its position in shares of Spotify Technology by 3,534.9% in the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after acquiring an additional 555,752 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares during the period. Bessemer Group Inc. grew its position in Spotify Technology by 215.3% during the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after purchasing an additional 345,048 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock valued at $867,937,000 after purchasing an additional 333,537 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.9%

NYSE SPOT opened at $462.69 on Wednesday. The stock has a market capitalization of $95.24 billion, a PE ratio of 48.00, a price-to-earnings-growth ratio of 1.08 and a beta of 1.66. The company has a 50 day moving average price of $528.86 and a two-hundred day moving average price of $618.16. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

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

Analyst Ratings Changes

Several brokerages have recently commented on SPOT. Wells Fargo & Company decreased their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Sanford C. Bernstein dropped their target price on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. KeyCorp reduced their price target on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Finally, Barclays raised their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology 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.