Point72 Asset Management L.P. Buys 174,339 Shares of Spotify Technology S.A. (NYSE:SPOT)

Point72 Asset Management L.P. boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 93.5% in the third quarter, HoldingsChannel reports. The firm owned 360,760 shares of the company’s stock after acquiring an additional 174,339 shares during the period. Point72 Asset Management L.P.’s holdings in Spotify Technology were worth $132,951,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. WCM Investment Management LLC increased its stake in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring 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% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares in the last quarter. Sei Investments Co. raised its stake in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the period. FMR LLC lifted its holdings in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Spotify Technology by 3,948.3% in the third quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after acquiring an additional 257,706 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $493.32 on Wednesday. The business has a fifty day simple moving average of $408.78 and a two-hundred day simple moving average of $353.61. Spotify Technology S.A. has a 1 year low of $185.37 and a 1 year high of $494.00. The company has a market capitalization of $98.20 billion, a price-to-earnings ratio of 134.05 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last announced its 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 company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the firm posted $0.36 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Rosenblatt Securities lifted their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Macquarie lifted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. TD Cowen increased 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. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group increased their target price on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday. One research 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’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $422.90.

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.