World Investment Advisors Takes $1.28 Million Position in Spotify Technology $SPOT

World Investment Advisors acquired a new stake in shares of Spotify Technology (NYSE:SPOT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,673 shares of the company’s stock, valued at approximately $1,284,000.

A number of other large investors have also made changes to their positions in SPOT. Goldman Sachs Group Inc. raised its position in shares of Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after buying an additional 1,601,653 shares during the last quarter. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Nuveen LLC acquired a new position in shares of Spotify Technology during the first quarter valued at about $383,139,000. Axiom Investors LLC DE raised its position in shares of Spotify Technology by 216.8% during the first quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock valued at $395,847,000 after buying an additional 492,504 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Spotify Technology by 215.3% during the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock valued at $387,758,000 after buying an additional 345,048 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.3%

Shares of Spotify Technology stock opened at $654.99 on Friday. The stock has a market capitalization of $134.08 billion, a price-to-earnings ratio of 158.98, a P/E/G ratio of 3.46 and a beta of 1.67. Spotify Technology has a 1-year low of $376.04 and a 1-year high of $785.00. The firm’s 50-day moving average price is $691.63 and its two-hundred day moving average price is $680.34.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.Spotify Technology’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 earnings per share. As a group, equities research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SPOT shares. The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and upped their price objective for the company from $765.00 to $770.00 in a research report on Tuesday, September 30th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. UBS Group dropped their price target on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a research report on Wednesday, July 30th. Morgan Stanley dropped their price target on shares of Spotify Technology from $850.00 to $800.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $731.81.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.