Empowered Funds LLC Boosts Position in Spotify Technology S.A. (NYSE:SPOT)

Empowered Funds LLC raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,041 shares of the company’s stock after purchasing an additional 754 shares during the period. Empowered Funds LLC’s holdings in Spotify Technology were worth $6,649,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at $610,040,000. Swedbank AB acquired a new position in Spotify Technology in the first quarter valued at $198,663,000. WCM Investment Management LLC grew its holdings in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research reports. Pivotal Research raised their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Morgan Stanley lifted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Price Performance

SPOT opened at $458.32 on Friday. Spotify Technology S.A. has a 1-year low of $170.62 and a 1-year high of $489.69. The stock has a market cap of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56. The stock’s 50 day simple moving average is $378.15 and its 200 day simple moving average is $338.24.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. Research analysts expect that Spotify Technology S.A. will post 6.09 EPS for the current fiscal year.

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.