3,779 Shares in Spotify Technology $SPOT Purchased by Johnson Financial Group Inc.

Key Points

• Johnson Financial Group purchased a new stake of 3,779 shares in Spotify (NYSE:SPOT) in Q3, valued at about $2.638 million.
• Spotify beat quarterly expectations, reporting $5.16 EPS versus $3.16 expected and $5.32 billion in revenue (up 6.8% YoY) with a 13.16% net margin.
• The stock carries a consensus rating of "Moderate Buy" with an average target of $703.87 amid mixed analyst revisions, and trades at roughly a $104.8 billion market cap and a P/E of 52.8.

Johnson Financial Group Inc. purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,779 shares of the company's stock, valued at approximately $2,638,000.

A number of other institutional investors have also recently modified their holdings of SPOT. Knuff & Co LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. Total Investment Management Inc. bought a new position in shares of Spotify Technology during the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter valued at $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $508.98 on Friday. The firm has a 50-day simple moving average of $503.50 and a two-hundred day simple moving average of $597.31. The stock has a market cap of $104.79 billion, a PE ratio of 52.80, a P/E/G ratio of 1.13 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the company earned $1.88 earnings per share. The business's revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SPOT. Guggenheim reduced their price target on shares of Spotify Technology from $720.00 to $600.00 and set a "buy" rating on the stock in a research report on Tuesday, February 24th. Weiss Ratings downgraded Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, February 26th. The Goldman Sachs Group upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and lowered their target price for the company from $735.00 to $700.00 in a report on Friday, January 23rd. KeyCorp lowered their target price on Spotify Technology from $830.00 to $720.00 and set an "overweight" rating on the stock in a report on Monday, February 9th. Finally, Pivotal Research downgraded shares of Spotify Technology from a "buy" rating to a "hold" rating and cut their price objective for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $703.87.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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