Spotify Technology $SPOT Position Boosted by Cim LLC

Cim LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 69.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,814 shares of the company’s stock after buying an additional 15,461 shares during the period. Spotify Technology comprises approximately 3.9% of Cim LLC’s portfolio, making the stock its 2nd largest position. Cim LLC’s holdings in Spotify Technology were worth $29,016,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Spotify Technology during the 2nd quarter valued at about $768,915,000. Axiom Investors LLC DE boosted its stake 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 purchasing an additional 492,504 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 22.7% during the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares during the period. Bessemer Group Inc. grew its holdings in shares of Spotify Technology by 215.3% in the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after purchasing an additional 345,048 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Spotify Technology by 39.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,178,907 shares of the company’s stock worth $648,434,000 after buying an additional 336,162 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup raised their price target on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. Cantor Fitzgerald raised their target price on Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Finally, Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $758.86.

Spotify Technology Trading Down 0.3%

SPOT opened at $597.27 on Friday. The company has a market cap of $122.97 billion, a price-to-earnings ratio of 93.91, a price-to-earnings-growth ratio of 1.97 and a beta of 1.66. The stock has a fifty day simple moving average of $631.45 and a two-hundred day simple moving average of $677.39. Spotify Technology has a 12-month low of $443.21 and a 12-month high of $785.00.

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

Spotify Technology 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.