Spotify Technology $SPOT Shares Acquired by Vontobel Holding Ltd.

Vontobel Holding Ltd. increased its holdings in shares of Spotify Technology (NYSE:SPOT) by 2.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 59,130 shares of the company’s stock after acquiring an additional 1,412 shares during the period. Vontobel Holding Ltd.’s holdings in Spotify Technology were worth $41,273,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. State Street Corp increased its position in shares of Spotify Technology by 1.7% in the second quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after buying an additional 74,256 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after acquiring an additional 460,115 shares in the last quarter. Geode Capital Management LLC increased its holdings in Spotify Technology by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after acquiring an additional 49,377 shares in the last quarter. Invesco Ltd. raised its position in Spotify Technology by 17.3% during the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after acquiring an additional 214,355 shares during the period. Finally, Edgewood Management LLC lifted its holdings in Spotify Technology by 14.4% during the second quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock valued at $959,015,000 after purchasing an additional 157,567 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Benchmark increased their target price on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $760.23.

Spotify Technology Stock Down 0.3%

Shares of Spotify Technology stock opened at $577.92 on Wednesday. The firm has a market cap of $118.99 billion, a PE ratio of 90.87, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00. The business’s fifty day simple moving average is $616.65 and its 200-day simple moving average is $672.24.

Spotify Technology (NYSE:SPOT) last issued 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 firm had revenue of $5.01 billion for the quarter, compared to analyst estimates 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 was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.45 EPS. As a group, equities analysts expect that Spotify Technology will post 10.3 earnings per share 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.