Compass Wealth Management LLC Takes $8.40 Million Position in Spotify Technology $SPOT

Compass Wealth Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the third quarter, HoldingsChannel reports. The fund bought 12,032 shares of the company’s stock, valued at approximately $8,398,000. Spotify Technology accounts for approximately 1.3% of Compass Wealth Management LLC’s portfolio, making the stock its 22nd biggest position.

Other large investors have also recently bought and sold shares of the company. State Street Corp boosted its position in shares of Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after acquiring an additional 74,256 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Spotify Technology by 22.7% during the 2nd 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 lifted its stake in 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 purchasing an additional 49,377 shares during the last quarter. Invesco Ltd. boosted its holdings in 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 purchasing an additional 214,355 shares in the last quarter. Finally, Edgewood Management LLC increased its stake 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 last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.2%

NYSE SPOT opened at $511.98 on Tuesday. The firm has a market cap of $105.41 billion, a P/E ratio of 80.50, a P/E/G ratio of 0.97 and a beta of 1.66. Spotify Technology has a 52-week low of $475.01 and a 52-week high of $785.00. The business’s 50-day moving average price is $566.93 and its 200 day moving average price is $642.28.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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 company had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same period last year, the business posted $1.45 EPS. The company’s revenue was up 7.1% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Pivotal Research cut their price target on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the stock from $735.00 to $700.00 in a research report on Friday. Finally, Benchmark reduced their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $739.07.

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.