CV Advisors LLC Invests $698,000 in Spotify Technology $SPOT

CV Advisors LLC purchased a new stake in Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,000 shares of the company’s stock, valued at approximately $698,000. Spotify Technology accounts for about 0.2% of CV Advisors LLC’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors also recently modified their holdings of the business. State Street Corp grew its stake in Spotify Technology by 1.7% in the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after buying an additional 74,256 shares in the last quarter. Fisher Asset Management LLC lifted its position 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 worth $1,909,920,000 after acquiring an additional 460,115 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Spotify Technology by 3.3% in 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. boosted its holdings 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 worth $1,116,007,000 after acquiring an additional 214,355 shares during the period. Finally, Edgewood Management LLC grew its position in shares of 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 in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.9%

Spotify Technology stock opened at $581.66 on Friday. The firm has a fifty day simple moving average of $603.82 and a two-hundred day simple moving average of $666.83. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The company has a market capitalization of $119.76 billion, a PE ratio of 91.46, a P/E/G ratio of 1.87 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping 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 firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the previous year, the business earned $1.45 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the topic of a number of recent research reports. Citigroup increased their price objective on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Pivotal Research cut their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Guggenheim cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Barclays decreased their target price on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $760.23.

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.