ARK Investment Management LLC Grows Stake in Spotify Technology $SPOT

ARK Investment Management LLC raised its stake in shares of Spotify Technology (NYSE:SPOT) by 8.2% during the third quarter, Holdings Channel reports. The firm owned 80,285 shares of the company’s stock after buying an additional 6,100 shares during the quarter. ARK Investment Management LLC’s holdings in Spotify Technology were worth $56,039,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SPOT. Knuff & Co LLC bought a new stake in Spotify Technology during the 2nd quarter valued at approximately $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. grew its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Finally, Westfuller Advisors LLC bought a new position in Spotify Technology in the third quarter worth $29,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.9%

Spotify Technology stock opened at $534.99 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a market capitalization of $110.12 billion, a price-to-earnings ratio of 55.50, a P/E/G ratio of 1.14 and a beta of 1.66. The firm has a 50 day moving average of $508.95 and a 200 day moving average of $603.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the business earned $1.88 earnings per share. The business’s revenue was up 6.8% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent research reports. Sanford C. Bernstein reduced their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. KeyCorp decreased their target price on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research note on Monday, February 9th. Moffett Nathanson initiated coverage on Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target on the stock. Finally, Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $698.91.

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.