Avala Global LP Makes New $50.30 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Avala Global LP purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 136,500 shares of the company’s stock, valued at approximately $50,304,000. Spotify Technology makes up approximately 3.3% of Avala Global LP’s portfolio, making the stock its 12th biggest holding. Avala Global LP owned 0.07% of Spotify Technology at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Paloma Partners Management Co increased its position in shares of Spotify Technology by 99.4% during the third quarter. Paloma Partners Management Co now owns 18,759 shares of the company’s stock worth $6,913,000 after acquiring an additional 9,350 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in Spotify Technology by 82.5% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 18,671 shares of the company’s stock valued at $6,881,000 after acquiring an additional 8,443 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Spotify Technology in the 3rd quarter worth $780,000. Kolinsky Wealth Management LLC increased its holdings in Spotify Technology by 11.6% during 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 in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $5,883,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.4 %

Spotify Technology stock opened at $476.96 on Monday. Spotify Technology S.A. has a twelve month low of $179.66 and a twelve month high of $489.69. The stock has a market cap of $94.94 billion, a P/E ratio of 129.61 and a beta of 1.56. The company’s 50-day moving average price is $404.30 and its two-hundred day moving average price is $350.99.

Spotify Technology (NYSE:SPOT) last released its quarterly 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $0.36 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several recent research reports. Barclays upped their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler boosted their price objective 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. Macquarie raised their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One investment 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 stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Company 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.