3,779 Shares in Spotify Technology $SPOT Bought by Johnson Financial Group Inc.

Johnson Financial Group Inc. bought a new stake in 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 institutional investor bought 3,779 shares of the company’s stock, valued at approximately $2,638,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Helios Capital Management PTE. Ltd. lifted its position in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares during the period. Bessemer Group Inc. increased its stake in shares of Spotify Technology by 35.1% in the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after purchasing an additional 177,310 shares during the period. Truxt Investmentos Ltda. acquired a new position in Spotify Technology in the 3rd quarter valued at approximately $2,093,000. Ownership Capital B.V. purchased a new position in shares of Spotify Technology during the 3rd quarter worth approximately $2,769,000. Finally, Generali Asset Management SPA SGR lifted its position in Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after buying an additional 16,054 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 1.0%

Shares of SPOT opened at $508.98 on Friday. The stock has a market cap of $104.79 billion, a P/E ratio of 52.80, a P/E/G ratio of 1.13 and a beta of 1.66. The business’s 50 day moving average price is $503.50 and its 200-day moving average price is $597.31. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

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

Analyst Ratings Changes

SPOT has been the topic of a number of analyst reports. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research report on Friday, January 30th. Guggenheim reduced their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Finally, KeyCorp dropped their price target on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Two investment 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $703.87.

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.