Fiera Capital Corp Boosts Position in Spotify Technology $SPOT

Fiera Capital Corp lifted its holdings in shares of Spotify Technology (NYSE:SPOT) by 15.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,835 shares of the company’s stock after acquiring an additional 1,613 shares during the quarter. Fiera Capital Corp’s holdings in Spotify Technology were worth $8,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. L & S Advisors Inc increased its position in Spotify Technology by 0.7% during the 3rd quarter. L & S Advisors Inc now owns 3,455 shares of the company’s stock valued at $2,412,000 after purchasing an additional 25 shares during the period. Synovus Financial Corp increased its position in shares of Spotify Technology by 9.3% during the third quarter. Synovus Financial Corp now owns 785 shares of the company’s stock valued at $548,000 after buying an additional 67 shares during the period. NewEdge Wealth LLC raised its stake in Spotify Technology by 259.7% in the third quarter. NewEdge Wealth LLC now owns 8,162 shares of the company’s stock worth $5,697,000 after buying an additional 5,893 shares in the last quarter. Bornite Capital Management LP purchased a new stake in Spotify Technology in the third quarter worth about $17,450,000. Finally, CenterBook Partners LP grew its holdings in shares of Spotify Technology by 306.4% during the 3rd quarter. CenterBook Partners LP now owns 9,229 shares of the company’s stock worth $6,442,000 after acquiring an additional 6,958 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.2%

SPOT stock opened at $490.98 on Friday. The stock’s 50 day simple moving average is $521.83 and its 200 day simple moving average is $615.08. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock has a market capitalization of $101.06 billion, a PE ratio of 50.93, a price-to-earnings-growth ratio of 1.07 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $1.88 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the topic of several recent research reports. Guggenheim reduced their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Wednesday, February 11th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. Rosenblatt Securities decreased their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Finally, Cantor Fitzgerald cut their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $706.42.

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.