Spotify Technology $SPOT Shares Bought by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. increased its stake in Spotify Technology (NYSE:SPOT) by 65.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,550 shares of the company’s stock after acquiring an additional 1,800 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Spotify Technology were worth $3,491,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Knuff & Co LLC purchased a new position in Spotify Technology during the second quarter worth approximately $27,000. Sound Income Strategies LLC increased its holdings in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares during the last quarter. GFG Capital LLC purchased a new position in shares of Spotify Technology in the 2nd quarter worth $33,000. Avion Wealth purchased a new position in shares of Spotify Technology in the 2nd quarter worth $38,000. Finally, Truvestments Capital LLC acquired a new position in Spotify Technology in the first quarter valued at $34,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.3%

NYSE SPOT opened at $597.27 on Friday. The company’s fifty day simple moving average is $631.45 and its 200-day simple moving average is $677.39. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The stock has a market cap of $122.97 billion, a P/E ratio of 93.91, a PEG ratio of 1.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period last year, the business earned $1.45 EPS. The business’s revenue was up 7.1% on a year-over-year basis. On average, research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. The Goldman Sachs Group cut Spotify Technology from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Pivotal Research dropped their target price on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Finally, Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $758.86.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.