Y Intercept Hong Kong Ltd Acquires New Stake in Spotify Technology $SPOT

Y Intercept Hong Kong Ltd bought a new position in Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,541 shares of the company’s stock, valued at approximately $4,566,000.

A number of other large investors have also made changes to their positions in the company. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC purchased a new stake in Spotify Technology during the third quarter valued at approximately $27,000. Total Investment Management Inc. bought a new position in Spotify Technology in the second quarter worth approximately $29,000. Westfuller Advisors LLC purchased a new position in shares of Spotify Technology during the 3rd quarter worth $29,000. Finally, Sound Income Strategies LLC boosted its stake in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after acquiring an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 2.8%

Shares of Spotify Technology stock opened at $512.45 on Monday. The company has a market capitalization of $105.51 billion, a price-to-earnings ratio of 80.57, a PEG ratio of 0.97 and a beta of 1.66. The stock’s 50-day simple moving average is $569.50 and its 200-day simple moving average is $643.67. Spotify Technology has a 52 week low of $475.01 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $1.45 earnings per share. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. Cantor Fitzgerald reduced their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Guggenheim cut their price target on Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Rosenblatt Securities reduced their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Argus initiated coverage on Spotify Technology in a research note on Monday, September 29th. They set a “buy” rating and a $845.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $739.07.

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.