Citigroup Inc. Purchases 33,516 Shares of Spotify Technology $SPOT

Citigroup Inc. grew its position in Spotify Technology (NYSE:SPOT) by 11.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 330,402 shares of the company’s stock after buying an additional 33,516 shares during the quarter. Citigroup Inc. owned 0.16% of Spotify Technology worth $230,621,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Knuff & Co LLC purchased a new stake in Spotify Technology in the second quarter worth about $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. raised its holdings in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $29,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Barclays lifted their price target on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Wells Fargo & Company dropped their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $490.98 on Friday. The business’s 50-day moving average is $521.83 and its 200 day moving average is $615.08. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a market capitalization of $101.06 billion, a P/E ratio of 50.93, a P/E/G ratio of 1.07 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the company earned $1.88 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. On average, analysts expect that Spotify Technology will post 10.3 EPS for the current 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.