Highland Capital Management LLC Makes New $1.45 Million Investment in Spotify Technology $SPOT

Highland Capital Management LLC purchased a new stake in Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,075 shares of the company’s stock, valued at approximately $1,448,000.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SPOT. Guggenheim reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. BNP Paribas Exane started coverage on shares of Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price objective on the stock. Citizens Jmp initiated coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price for the company. Finally, BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $760.23.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $584.80 on Friday. The firm has a market capitalization of $120.40 billion, a price-to-earnings ratio of 91.95, a price-to-earnings-growth ratio of 1.89 and a beta of 1.66. Spotify Technology has a one year low of $443.21 and a one year high of $785.00. The company has a 50 day moving average price of $611.66 and a 200 day moving average price of $670.24.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.45 EPS. As a group, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

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.