EP Wealth Advisors LLC Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

EP Wealth Advisors LLC increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 25.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 858 shares of the company’s stock after purchasing an additional 173 shares during the period. EP Wealth Advisors LLC’s holdings in Spotify Technology were worth $316,000 as of its most recent filing with the Securities & Exchange Commission.

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

Spotify Technology Stock Up 0.7 %

Shares of SPOT stock opened at $483.31 on Friday. The firm has a 50 day moving average of $426.66 and a two-hundred day moving average of $363.01. The stock has a market capitalization of $96.20 billion, a PE ratio of 131.33 and a beta of 1.61. Spotify Technology S.A. has a 52 week low of $185.37 and a 52 week high of $506.47.

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

Analyst Ratings Changes

Several equities research analysts recently commented on SPOT shares. Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. TD Cowen raised their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Morgan Stanley raised their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $429.96.

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.