Asio Capital LLC Buys Shares of 4,503 Spotify Technology $SPOT

Asio Capital LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 4,503 shares of the company’s stock, valued at approximately $3,143,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Spotify Technology by 1.7% in the second quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after purchasing an additional 74,256 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after acquiring an additional 460,115 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Spotify Technology by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after acquiring an additional 49,377 shares during the period. Invesco Ltd. raised its stake in shares of Spotify Technology by 17.3% in the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock valued at $1,116,007,000 after acquiring an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC boosted its holdings in Spotify Technology by 14.4% in the second quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock valued at $959,015,000 after purchasing an additional 157,567 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.1%

SPOT opened at $585.88 on Friday. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The business’s 50 day moving average is $613.38 and its two-hundred day moving average is $671.04. The firm has a market cap of $120.63 billion, a price-to-earnings ratio of 92.12, a price-to-earnings-growth ratio of 1.89 and a beta of 1.66.

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

Wall Street Analyst Weigh In

SPOT has been the topic of several recent research reports. Argus started coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price target on the stock. Barclays lowered their price objective on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Cantor Fitzgerald raised their target price on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, BNP Paribas Exane began coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective on the stock. 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

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.