Spotify Technology $SPOT Position Increased by Legal & General Group Plc

Legal & General Group Plc grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 1.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,120,442 shares of the company’s stock after purchasing an additional 11,586 shares during the period. Legal & General Group Plc’s holdings in Spotify Technology were worth $782,069,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at about $312,000. Atlantic Union Bankshares Corp acquired a new stake in Spotify Technology during the second quarter worth about $127,000. Savant Capital LLC lifted its holdings in Spotify Technology by 50.5% in the second quarter. Savant Capital LLC now owns 2,767 shares of the company’s stock worth $2,123,000 after acquiring an additional 929 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in Spotify Technology by 17.0% in the second quarter. Wedbush Securities Inc. now owns 1,987 shares of the company’s stock worth $1,525,000 after acquiring an additional 288 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Spotify Technology by 129.0% in the second quarter. Penserra Capital Management LLC now owns 7,723 shares of the company’s stock valued at $5,925,000 after acquiring an additional 4,351 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 3.5%

SPOT stock opened at $545.47 on Tuesday. The firm’s 50-day moving average is $507.23 and its two-hundred day moving average is $599.66. The company has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm posted $1.88 earnings per share. The business’s revenue was up 6.8% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. KeyCorp dropped their price target on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Barclays boosted their price objective on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. Benchmark cut their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Wells Fargo & Company reduced their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $698.91.

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.