Spotify Technology $SPOT Shares Purchased by Coatue Management LLC

Coatue Management LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 13.3% during the 3rd quarter, Holdings Channel reports. The fund owned 1,803,173 shares of the company’s stock after purchasing an additional 212,006 shares during the period. Spotify Technology makes up approximately 3.1% of Coatue Management LLC’s portfolio, making the stock its 15th largest holding. Coatue Management LLC’s holdings in Spotify Technology were worth $1,258,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Spotify Technology in the second quarter worth $768,915,000. Capital World Investors raised its stake in shares of Spotify Technology by 40.7% during 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. Capital Research Global Investors bought a new stake in shares of Spotify Technology during the third quarter valued at about $512,190,000. Principal Financial Group Inc. lifted its holdings in Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after purchasing an additional 555,752 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Spotify Technology by 22.7% in the second 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. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the topic of several research analyst reports. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. UBS Group reduced their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Wells Fargo & Company decreased their price objective 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. Cantor Fitzgerald lowered their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Finally, KeyCorp dropped their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Trading Up 1.3%

Shares of Spotify Technology stock 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 stock has a market cap of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. The company’s 50-day moving average price is $502.35 and its two-hundred day moving average price is $595.37.

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

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.