Sandy Cove Advisors LLC Purchases 50 Shares of Spotify Technology S.A. (NYSE:SPOT)

Sandy Cove Advisors LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 681 shares of the company’s stock after acquiring an additional 50 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Spotify Technology were worth $305,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Aigen Investment Management LP increased its stake in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the period. Pathway Capital Management LP grew its holdings in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the last quarter. Perpetual Ltd increased its stake in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares during the period. Covenant Asset Management LLC bought a new stake in Spotify Technology during the 3rd quarter valued at about $3,364,000. Finally, Jag Capital Management LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $13,569,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Piper Sandler raised their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, UBS Group upped their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $441.21.

Spotify Technology Price Performance

SPOT stock opened at $486.07 on Friday. The company has a market capitalization of $96.75 billion, a P/E ratio of 132.08 and a beta of 1.62. Spotify Technology S.A. has a 12 month low of $200.81 and a 12 month high of $506.47. The firm’s fifty day simple moving average is $468.82 and its 200-day simple moving average is $389.39.

Spotify Technology (NYSE:SPOT) last posted 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). The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 5.96 earnings per share for the current year.

About Spotify Technology

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.