Spotify Technology $SPOT Shares Bought by Flossbach Von Storch SE

Flossbach Von Storch SE grew its stake in Spotify Technology (NYSE:SPOT) by 96.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,091 shares of the company’s stock after purchasing an additional 4,957 shares during the period. Flossbach Von Storch SE’s holdings in Spotify Technology were worth $7,044,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Joel Isaacson & Co. LLC raised its position in 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 increased its holdings in shares of Spotify Technology by 2.4% during the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after purchasing an additional 15 shares in the last quarter. Sage Mountain Advisors LLC lifted its stake in shares of Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares during the period. Cloud Capital Management LLC lifted its stake in shares of Spotify Technology by 4.8% in the 2nd quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock valued at $301,000 after purchasing an additional 18 shares during the period. Finally, Fullerton Fund Management Co Ltd. boosted its holdings in Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after buying an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $509.25 on Thursday. The stock has a market capitalization of $104.85 billion, a P/E ratio of 80.07, a PEG ratio of 0.98 and a beta of 1.66. The business has a 50 day simple moving average of $562.22 and a two-hundred day simple moving average of $639.98. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00.

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays cut their price objective on shares of Spotify Technology from $700.00 to $625.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Sanford C. Bernstein lowered their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $730.94.

About Spotify Technology

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.