AMI Asset Management Corp Purchases Shares of 26,996 Spotify Technology $SPOT

AMI Asset Management Corp acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the third quarter, Holdings Channel reports. The fund acquired 26,996 shares of the company’s stock, valued at approximately $18,843,000.

Several other institutional investors have also made changes to their positions in the business. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter worth about $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter worth approximately $29,000. Sound Income Strategies LLC raised its holdings in shares of Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. Finally, GFG Capital LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth approximately $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPOT. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Argus started coverage on shares of Spotify Technology in a research note on Monday, September 29th. They issued a “buy” rating and a $845.00 target price on the stock. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Citizens Jmp began coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $760.23.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $585.88 on Friday. The firm has a fifty day moving average of $613.38 and a two-hundred day moving average of $671.04. The stock has a market capitalization of $120.63 billion, a price-to-earnings ratio of 92.12, a PEG ratio of 1.89 and a beta of 1.66. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The business 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 quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.45 earnings per share. As a group, research analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

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.