Citigroup Inc. Increases Position in Spotify Technology $SPOT

Citigroup Inc. increased its position in Spotify Technology (NYSE:SPOT) by 11.3% in the third quarter, HoldingsChannel.com reports. The fund owned 330,402 shares of the company’s stock after buying an additional 33,516 shares during the period. Citigroup Inc.’s holdings in Spotify Technology were worth $230,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Sage Mountain Advisors LLC increased its holdings in shares of Spotify Technology by 6.3% in the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares during the period. Cloud Capital Management LLC lifted its holdings in shares of Spotify Technology by 4.8% during the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after purchasing an additional 18 shares during the period. Fullerton Fund Management Co Ltd. boosted its position in Spotify Technology by 7.0% in the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock valued at $212,000 after buying an additional 18 shares during the last quarter. Huntington National Bank increased its holdings in Spotify Technology by 3.9% in the 2nd quarter. Huntington National Bank now owns 506 shares of the company’s stock worth $388,000 after buying an additional 19 shares during the period. Finally, Granite Group Advisors LLC raised its position in Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock worth $528,000 after buying an additional 19 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SPOT shares. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Guggenheim reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Finally, Rosenblatt Securities decreased their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. 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’s stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $490.98 on Friday. The firm has a 50-day simple moving average of $521.83 and a two-hundred day simple moving average of $615.08. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a market cap of $101.06 billion, a P/E ratio of 50.93, a price-to-earnings-growth ratio of 1.07 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during 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%.Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.88 EPS. Equities research 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.