Spotify Technology $SPOT Shares Purchased by Calamos Wealth Management LLC

Calamos Wealth Management LLC raised its stake in Spotify Technology (NYSE:SPOT) by 311.9% in the third quarter, HoldingsChannel.com reports. The fund owned 19,406 shares of the company’s stock after buying an additional 14,695 shares during the quarter. Calamos Wealth Management LLC’s holdings in Spotify Technology were worth $13,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Knuff & Co LLC acquired a new position in Spotify Technology during the 2nd quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at $27,000. Total Investment Management Inc. bought a new stake in Spotify Technology in the second quarter valued at $29,000. Sound Income Strategies LLC boosted its holdings in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the period. Finally, Albion Financial Group UT grew its position in shares of Spotify Technology by 80.0% during the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after acquiring an additional 20 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of analyst reports. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Citizens Jmp assumed coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Guggenheim decreased their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Argus assumed coverage on Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 price target for the company. Finally, The Goldman Sachs Group cut Spotify Technology from a “buy” rating to a “neutral” rating and increased their price target for the stock from $765.00 to $770.00 in a research note on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $576.42 on Wednesday. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00. The firm has a market cap of $118.68 billion, a P/E ratio of 90.63, a PEG ratio of 1.87 and a beta of 1.66. The stock has a fifty day moving average price of $607.55 and a two-hundred day moving average price of $668.03.

Spotify Technology (NYSE:SPOT) last announced 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. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 10.3 earnings per share 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.