CSM Advisors LLC Acquires New Shares in Spotify Technology $SPOT

CSM Advisors LLC bought a new stake in Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,530 shares of the company’s stock, valued at approximately $1,762,000.

Other institutional investors have also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology in the second quarter worth about $312,000. Allworth Financial LP grew its holdings in shares of Spotify Technology by 31.1% during the 2nd quarter. Allworth Financial LP now owns 536 shares of the company’s stock valued at $412,000 after purchasing an additional 127 shares during the last quarter. Advisors Capital Management LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $213,000. Foundations Investment Advisors LLC lifted its stake in Spotify Technology by 59.5% in the 2nd quarter. Foundations Investment Advisors LLC now owns 686 shares of the company’s stock valued at $526,000 after purchasing an additional 256 shares during the last quarter. Finally, Creative Planning lifted its stake in Spotify Technology by 22.9% in the 2nd quarter. Creative Planning now owns 26,479 shares of the company’s stock valued at $20,318,000 after purchasing an additional 4,936 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SPOT. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. UBS Group cut their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Moffett Nathanson assumed coverage on Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price for the company. Finally, Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price 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 assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Stock Up 1.7%

NYSE SPOT opened at $524.63 on Tuesday. The company has a market capitalization of $108.01 billion, a price-to-earnings ratio of 54.42, a PEG ratio of 1.13 and a beta of 1.66. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The stock has a fifty day simple moving average of $500.97 and a 200 day simple moving average of $593.53.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 EPS 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 firm 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 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.