Zevenbergen Capital Investments LLC Has $96.99 Million Stock Position in Spotify Technology $SPOT

Zevenbergen Capital Investments LLC cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 9.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 138,954 shares of the company’s stock after selling 14,284 shares during the period. Spotify Technology makes up approximately 1.9% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 17th biggest holding. Zevenbergen Capital Investments LLC’s holdings in Spotify Technology were worth $96,990,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Franklin Street Advisors Inc. NC bought a new stake in Spotify Technology during the 3rd quarter worth approximately $15,376,000. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $211,000. Wedmont Private Capital boosted its position in shares of Spotify Technology by 3.5% during the third quarter. Wedmont Private Capital now owns 1,613 shares of the company’s stock valued at $1,098,000 after buying an additional 54 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Spotify Technology by 454.3% during the third quarter. Assenagon Asset Management S.A. now owns 85,774 shares of the company’s stock worth $59,870,000 after buying an additional 70,300 shares in the last quarter. Finally, Oak Thistle LLC raised its position in Spotify Technology by 334.8% in the 3rd quarter. Oak Thistle LLC now owns 1,448 shares of the company’s stock valued at $1,011,000 after buying an additional 1,115 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of analyst reports. Benchmark lifted their price objective on shares of Spotify Technology from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Citigroup upped their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Finally, Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $760.23.

Spotify Technology Stock Performance

NYSE SPOT opened at $582.39 on Friday. The company has a market capitalization of $119.91 billion, a PE ratio of 91.57, a price-to-earnings-growth ratio of 1.86 and a beta of 1.66. Spotify Technology has a 52-week low of $443.21 and a 52-week high of $785.00. The company has a 50-day simple moving average of $620.98 and a 200 day simple moving average of $674.28.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the firm earned $1.45 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.