EFG Asset Management North America Corp. Purchases New Holdings in Spotify Technology $SPOT

EFG Asset Management North America Corp. purchased a new stake in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,937 shares of the company’s stock, valued at approximately $2,750,000.

Other institutional investors also recently modified their holdings of the company. Helios Capital Management PTE. Ltd. boosted its stake in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after buying an additional 2,700 shares in the last quarter. Generali Asset Management SPA SGR lifted its holdings in shares of Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after acquiring an additional 16,054 shares during the period. Cynosure Group LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter valued at about $2,862,000. Ownership Capital B.V. bought a new stake in Spotify Technology in the third quarter valued at about $2,769,000. Finally, Commonwealth Equity Services LLC raised its position in Spotify Technology by 12.2% in the third quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock worth $13,036,000 after purchasing an additional 2,032 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Pivotal Research decreased their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Barclays lowered their target price on shares of Spotify Technology from $700.00 to $625.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Two 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $730.94.

Spotify Technology Price Performance

SPOT opened at $511.75 on Wednesday. The stock has a market capitalization of $105.36 billion, a P/E ratio of 80.46, a price-to-earnings-growth ratio of 0.97 and a beta of 1.66. The company’s 50 day simple moving average is $564.41 and its 200-day simple moving average is $640.90. Spotify Technology has a one year low of $475.01 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion for 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 business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.45 EPS. As a group, analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

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.