GAMMA Investing LLC Acquires 268 Shares of Spotify Technology S.A. (NYSE:SPOT)

GAMMA Investing LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 39.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 945 shares of the company’s stock after purchasing an additional 268 shares during the period. GAMMA Investing LLC’s holdings in Spotify Technology were worth $423,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on SPOT. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Benchmark lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. TD Cowen upped their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, KeyCorp boosted their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $429.96.

Spotify Technology Price Performance

Shares of SPOT opened at $466.69 on Monday. The company has a 50-day simple moving average of $451.89 and a two-hundred day simple moving average of $379.33. The firm has a market capitalization of $92.90 billion, a PE ratio of 126.82 and a beta of 1.62. Spotify Technology S.A. has a one year low of $187.45 and a one year high of $506.47.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm 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%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 EPS. Analysts expect that Spotify Technology S.A. will post 6.02 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.