Spotify Technology $SPOT Position Raised by Moody Lynn & Lieberson LLC

Moody Lynn & Lieberson LLC grew its position in shares of Spotify Technology (NYSE:SPOT) by 18.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,978 shares of the company’s stock after purchasing an additional 1,215 shares during the quarter. Moody Lynn & Lieberson LLC’s holdings in Spotify Technology were worth $5,569,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Axiom Investors LLC DE boosted its stake in Spotify Technology by 216.8% during the 1st quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock valued at $395,847,000 after purchasing an additional 492,504 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Spotify Technology by 50.3% during the first quarter. The Manufacturers Life Insurance Company now owns 57,610 shares of the company’s stock worth $31,687,000 after buying an additional 19,274 shares during the period. Baird Financial Group Inc. grew its holdings in Spotify Technology by 7.3% in the 1st quarter. Baird Financial Group Inc. now owns 28,618 shares of the company’s stock worth $15,741,000 after buying an additional 1,950 shares in the last quarter. Quarry LP bought a new position in Spotify Technology in the 1st quarter worth approximately $44,000. Finally, Royal Bank of Canada increased its position in Spotify Technology by 24.2% in the 1st quarter. Royal Bank of Canada now owns 306,872 shares of the company’s stock valued at $168,791,000 after acquiring an additional 59,833 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a report on Monday. Guggenheim cut their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Rosenblatt Securities dropped their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, Barclays dropped their price target on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Two investment 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Stock Down 0.8%

NYSE:SPOT opened at $576.42 on Wednesday. The stock has a fifty day simple moving average of $607.55 and a 200 day simple moving average of $668.03. The firm has a market capitalization of $118.68 billion, a price-to-earnings ratio of 90.63, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66. Spotify Technology has a 1-year low of $443.21 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping 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 revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the company posted $1.45 earnings per share. Equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current 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.