Traynor Capital Management Inc. Takes $5.64 Million Position in Spotify Technology $SPOT

Traynor Capital Management Inc. purchased a new position in shares of Spotify Technology (NYSE:SPOT) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,081 shares of the company’s stock, valued at approximately $5,640,000.

Other large investors have also made changes to their positions in the company. Helios Capital Management PTE. Ltd. lifted its holdings in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after acquiring an additional 2,700 shares in the last quarter. Generali Asset Management SPA SGR lifted its position in Spotify Technology by 30.9% in the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after acquiring an additional 16,054 shares in the last quarter. Cynosure Group LLC bought a new position in Spotify Technology during the 3rd quarter worth about $2,862,000. Ownership Capital B.V. acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $2,769,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of Spotify Technology by 12.2% during the third quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock worth $13,036,000 after buying an additional 2,032 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $509.25 on Thursday. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00. The company has a market capitalization of $104.85 billion, a price-to-earnings ratio of 80.07, a P/E/G ratio of 0.98 and a beta of 1.66. The business has a fifty day simple moving average of $562.22 and a two-hundred day simple moving average of $639.98.

Spotify Technology (NYSE:SPOT) last posted its 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. 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%. Spotify Technology’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.45 EPS. As a group, equities analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SPOT shares. Benchmark dropped their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Cantor Fitzgerald decreased their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Pivotal Research cut their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Two research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $730.94.

Spotify Technology Company 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.