Assenagon Asset Management S.A. Acquires 77,283 Shares of Spotify Technology $SPOT

Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 90.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 163,057 shares of the company’s stock after acquiring an additional 77,283 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Spotify Technology were worth $94,689,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Spotify Technology during the second quarter worth approximately $768,915,000. Capital World Investors raised its position in Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors acquired a new position in Spotify Technology during the 3rd quarter worth $512,190,000. Principal Financial Group Inc. boosted its position in Spotify Technology by 3,534.9% in the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after buying an additional 555,752 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after buying an additional 460,115 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 3.7%

Shares of SPOT stock opened at $492.28 on Tuesday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a fifty day moving average of $495.56 and a 200-day moving average of $586.74. The firm has a market capitalization of $101.35 billion, a price-to-earnings ratio of 51.07, a price-to-earnings-growth ratio of 1.04 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its 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 firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPOT. KeyCorp decreased their price target on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a report on Monday, February 9th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research report on Thursday, February 26th. Moffett Nathanson initiated coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price target for the company. Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Finally, Cantor Fitzgerald reduced their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $703.87.

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.