Capital World Investors Has $1.91 Billion Stock Position in Spotify Technology $SPOT

Capital World Investors raised its holdings in Spotify Technology (NYSE:SPOT) by 40.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,730,713 shares of the company’s stock after purchasing an additional 789,755 shares during the period. Capital World Investors’ holdings in Spotify Technology were worth $1,906,260,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Capital International Sarl boosted its holdings in Spotify Technology by 65.6% during the third quarter. Capital International Sarl now owns 24,474 shares of the company’s stock worth $17,083,000 after purchasing an additional 9,699 shares during the last quarter. Capital International Ltd. CA grew its position in Spotify Technology by 47.8% during the third quarter. Capital International Ltd. CA now owns 15,781 shares of the company’s stock worth $11,015,000 after buying an additional 5,104 shares in the last quarter. Capital International Inc. CA raised its holdings in shares of Spotify Technology by 127.4% during the 3rd quarter. Capital International Inc. CA now owns 14,891 shares of the company’s stock valued at $10,394,000 after buying an additional 8,344 shares in the last quarter. Capital Group Investment Management PTE. LTD. increased its stake in Spotify Technology by 49.7% in the 3rd quarter. Capital Group Investment Management PTE. LTD. now owns 3,337 shares of the company’s stock worth $2,329,000 after purchasing an additional 1,108 shares during the period. Finally, Bank of Montreal Can lifted its holdings in Spotify Technology by 7.8% in the 3rd quarter. Bank of Montreal Can now owns 240,154 shares of the company’s stock worth $167,627,000 after buying an additional 17,303 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $875.00 to $420.00 in a report on Wednesday, February 11th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price target for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Weiss Ratings cut Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Citizens Jmp started coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 target price for the company. Finally, UBS Group dropped their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $698.91.

Spotify Technology Trading Down 3.5%

Spotify Technology stock opened at $545.47 on Tuesday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a 50-day moving average price of $507.23 and a 200-day moving average price of $599.66. The firm has a market capitalization of $112.30 billion, a PE ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 13.16% and a return on equity of 31.35%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.