Northeast Investment Management Increases Stock Position in Spotify Technology $SPOT

Northeast Investment Management lifted its stake in Spotify Technology (NYSE:SPOT) by 15.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,964 shares of the company’s stock after acquiring an additional 3,154 shares during the quarter. Northeast Investment Management’s holdings in Spotify Technology were worth $16,029,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Knuff & Co LLC purchased a new stake in Spotify Technology in the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. boosted its stake in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new position in shares of Spotify Technology in the 2nd quarter worth $29,000. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology in the third quarter worth $29,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SPOT shares. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, February 11th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Rosenblatt Securities dropped their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. UBS Group reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $462.69 on Wednesday. The company has a market capitalization of $95.24 billion, a P/E ratio of 48.00, a P/E/G ratio of 1.08 and a beta of 1.66. The company has a fifty day moving average of $528.86 and a 200 day moving average of $618.16. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

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

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.