Venture Visionary Partners LLC Makes New Investment in Spotify Technology $SPOT

Venture Visionary Partners LLC acquired a new stake in Spotify Technology (NYSE:SPOT) during the third quarter, HoldingsChannel.com reports. The fund acquired 5,276 shares of the company’s stock, valued at approximately $3,683,000.

Several other institutional investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Spotify Technology in the first quarter valued at $559,000. Dimensional Fund Advisors LP increased its holdings in shares of Spotify Technology by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 225,260 shares of the company’s stock valued at $123,908,000 after acquiring an additional 21,494 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Spotify Technology by 2.2% in the 1st quarter. Raymond James Financial Inc. now owns 127,102 shares of the company’s stock valued at $69,910,000 after acquiring an additional 2,741 shares during the last quarter. Brooklyn Investment Group raised its position in shares of Spotify Technology by 30.7% during the 1st quarter. Brooklyn Investment Group now owns 260 shares of the company’s stock worth $143,000 after acquiring an additional 61 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Spotify Technology by 10.3% during the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after acquiring an additional 147,580 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 0.4%

SPOT stock opened at $579.30 on Wednesday. The company has a market capitalization of $119.27 billion, a P/E ratio of 91.08, a PEG ratio of 1.91 and a beta of 1.66. The business has a 50 day simple moving average of $627.37 and a 200-day simple moving average of $676.45. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00.

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Finally, Citizens Jmp initiated coverage on shares of Spotify Technology in a research report on Wednesday. They issued a “market outperform” rating and a $800.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $760.23.

About Spotify Technology

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.