Eaton Vance Management Purchases 15,258 Shares of Spotify Technology S.A. (NYSE:SPOT)


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Eaton Vance Management lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 13.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,930 shares of the company’s stock after acquiring an additional 15,258 shares during the quarter. Eaton Vance Management owned 0.07% of Spotify Technology worth $41,513,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Alamar Capital Management LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $2,664,000. FormulaFolio Investments LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $309,000. Norges Bank bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $301,189,000. UBS Asset Management Americas Inc. raised its holdings in shares of Spotify Technology by 56.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 113,776 shares of the company’s stock valued at $35,801,000 after acquiring an additional 41,152 shares in the last quarter. Finally, Avitas Wealth Management LLC raised its holdings in shares of Spotify Technology by 32.1% in the fourth quarter. Avitas Wealth Management LLC now owns 2,365 shares of the company’s stock valued at $744,000 after acquiring an additional 575 shares in the last quarter. Hedge funds and other institutional investors own 55.93% of the company’s stock.

Shares of SPOT stock opened at $280.15 on Thursday. The company has a market cap of $50.22 billion, a price-to-earnings ratio of -65.76 and a beta of 1.64. The stock has a 50 day simple moving average of $291.89 and a 200-day simple moving average of $293.46. Spotify Technology S.A. has a 1-year low of $124.07 and a 1-year high of $387.44.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Wednesday, February 3rd. The company reported ($0.66) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.76) by $0.10. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.15 billion. Spotify Technology had a negative return on equity of 30.46% and a negative net margin of 8.73%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.14) EPS. On average, research analysts forecast that Spotify Technology S.A. will post -3.71 EPS for the current year.

Several research firms have issued reports on SPOT. Monness Crespi & Hardt lifted their target price on Spotify Technology from $310.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, December 30th. Canaccord Genuity lifted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Monday, March 1st. Rosenblatt Securities lifted their target price on Spotify Technology from $390.00 to $425.00 and gave the company a “buy” rating in a research note on Monday, March 1st. Evercore ISI reiterated an “outperform” rating and issued a $360.00 target price on shares of Spotify Technology in a research note on Tuesday. Finally, Credit Suisse Group lowered Spotify Technology from an “outperform” rating to a “neutral” rating and set a $315.00 target price on the stock. in a research note on Tuesday, December 15th. Five equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Spotify Technology has a consensus rating of “Hold” and a consensus price target of $295.25.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates in 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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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