Spotify Technology $SPOT Shares Bought by Munro Partners

Munro Partners raised its holdings in Spotify Technology (NYSE:SPOT) by 33.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 103,445 shares of the company’s stock after buying an additional 25,885 shares during the quarter. Spotify Technology comprises 2.0% of Munro Partners’ holdings, making the stock its 24th largest position. Munro Partners’ holdings in Spotify Technology were worth $72,205,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Joel Isaacson & Co. LLC increased its holdings in shares of Spotify Technology by 1.0% during the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after acquiring an additional 15 shares in the last quarter. Ignite Planners LLC grew its position in Spotify Technology by 2.4% during the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock worth $489,000 after purchasing an additional 15 shares during the last quarter. Stonekeep Investments LLC increased its stake in Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after purchasing an additional 16 shares in the last quarter. Moody National Bank Trust Division increased its stake in Spotify Technology by 0.5% during the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock valued at $2,249,000 after purchasing an additional 16 shares in the last quarter. Finally, Cloud Capital Management LLC raised its holdings in shares of Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after buying an additional 18 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.0%

Shares of Spotify Technology stock opened at $579.05 on Wednesday. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The firm has a market capitalization of $119.22 billion, a PE ratio of 91.05, a P/E/G ratio of 1.87 and a beta of 1.66. The firm’s 50-day moving average price is $616.65 and its 200 day moving average price is $672.24.

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

Analyst Ratings Changes

Several research firms have recently commented on SPOT. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Guggenheim reduced their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. The Goldman Sachs Group downgraded Spotify Technology from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Finally, Pivotal Research cut their price target on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

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.