Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 82.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,671 shares of the company’s stock after purchasing an additional 8,443 shares during the period. Spotify Technology makes up about 1.3% of Point72 Asia Singapore Pte. Ltd.’s portfolio, making the stock its 12th largest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Spotify Technology were worth $6,881,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Kestra Investment Management LLC bought a new stake in Spotify Technology in the third quarter worth about $780,000. Kolinsky Wealth Management LLC grew its stake in shares of Spotify Technology by 11.6% in the 3rd quarter. Kolinsky Wealth Management LLC now owns 1,342 shares of the company’s stock worth $495,000 after purchasing an additional 140 shares during the last quarter. Point72 Europe London LLP bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $5,883,000. Fred Alger Management LLC lifted its stake in Spotify Technology by 26.1% during the third quarter. Fred Alger Management LLC now owns 442,557 shares of the company’s stock valued at $163,096,000 after purchasing an additional 91,680 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Spotify Technology by 6.4% during the third quarter. Captrust Financial Advisors now owns 41,805 shares of the company’s stock worth $15,406,000 after buying an additional 2,502 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $476.96 on Friday. The company has a market capitalization of $94.94 billion, a P/E ratio of 129.61 and a beta of 1.56. The stock’s 50 day moving average price is $404.30 and its 200 day moving average price is $350.65. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the company earned $0.36 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of several research reports. Canaccord Genuity Group upped their price target on Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Macquarie boosted their target price on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Benchmark lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company upped their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.