Truxt Investmentos Ltda. Purchases Shares of 2,999 Spotify Technology $SPOT

Truxt Investmentos Ltda. acquired a new stake in Spotify Technology (NYSE:SPOT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,999 shares of the company’s stock, valued at approximately $2,093,000. Spotify Technology comprises approximately 3.1% of Truxt Investmentos Ltda.’s investment portfolio, making the stock its 8th largest holding.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Spotify Technology by 1.7% in the 2nd 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 during the last quarter. Fisher Asset Management LLC raised its position in Spotify Technology by 22.7% during the second 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 raised its position in Spotify Technology by 3.3% during the second 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. grew its position in shares of Spotify Technology by 17.3% in the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock valued at $1,116,007,000 after acquiring an additional 214,355 shares during the period. Finally, Edgewood Management LLC increased its stake in shares of Spotify Technology by 14.4% during the 2nd quarter. Edgewood Management LLC now owns 1,249,791 shares of the company’s stock worth $959,015,000 after purchasing an additional 157,567 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $508.85 on Tuesday. The business’s 50 day simple moving average is $557.25 and its 200 day simple moving average is $635.03. 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 $104.77 billion, a P/E ratio of 80.01, a P/E/G ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The business had revenue of $5.01 billion for 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 firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $1.45 earnings per share. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company dropped their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Pivotal Research cut their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Benchmark lowered their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $727.71.

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.