Laffer Tengler Investments Inc. Grows Stake in Spotify Technology $SPOT

Laffer Tengler Investments Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT) by 14.0% in the third quarter, Holdings Channel reports. The fund owned 14,614 shares of the company’s stock after acquiring an additional 1,793 shares during the quarter. Spotify Technology accounts for about 1.6% of Laffer Tengler Investments Inc.’s portfolio, making the stock its 18th largest position. Laffer Tengler Investments Inc.’s holdings in Spotify Technology were worth $10,201,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Saudi Central Bank purchased a new position in Spotify Technology in the third quarter valued at approximately $260,000. RPg Family Wealth Advisory LLC purchased a new stake in Spotify Technology in the third quarter worth $8,451,000. Bellwether Advisors LLC raised its stake in shares of Spotify Technology by 98.4% in the third quarter. Bellwether Advisors LLC now owns 7,427 shares of the company’s stock valued at $5,184,000 after buying an additional 3,683 shares during the period. Cresset Asset Management LLC lifted its position in shares of Spotify Technology by 10.0% during the 3rd quarter. Cresset Asset Management LLC now owns 9,215 shares of the company’s stock valued at $6,432,000 after buying an additional 839 shares during the last quarter. Finally, Oak Grove Capital LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at $489,000. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SPOT shares. Cantor Fitzgerald decreased their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Sanford C. Bernstein dropped their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. KeyCorp cut their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Finally, Wells Fargo & Company lowered their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $698.91.

Spotify Technology Trading Up 2.3%

SPOT stock opened at $518.99 on Wednesday. The firm has a 50 day moving average of $509.97 and a 200-day moving average of $604.17. The firm has a market capitalization of $106.82 billion, a P/E ratio of 53.84, a price-to-earnings-growth ratio of 1.11 and a beta of 1.66. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the company posted $1.88 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Sell-side analysts predict 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.