LGT Group Foundation Purchases 9,218 Shares of Spotify Technology $SPOT

LGT Group Foundation lifted its position in shares of Spotify Technology (NYSE:SPOT) by 24.4% during the 3rd quarter, Holdings Channel reports. The firm owned 47,037 shares of the company’s stock after purchasing an additional 9,218 shares during the quarter. LGT Group Foundation’s holdings in Spotify Technology were worth $32,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter worth about $27,000. Total Investment Management Inc. bought a new stake in Spotify Technology in the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. lifted its position in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $29,000. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Guggenheim cut their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. KeyCorp reduced their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Moffett Nathanson assumed coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective on the stock. Finally, Sanford C. Bernstein dropped their price objective on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Trading Up 2.6%

NYSE:SPOT opened at $566.73 on Monday. The stock has a 50 day simple moving average of $507.95 and a 200 day simple moving average of $600.68. The stock has a market cap of $116.68 billion, a P/E ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

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.