Assenagon Asset Management S.A. Has $94.69 Million Stake in Spotify Technology $SPOT

Key Points

• Assenagon Asset Management increased its Spotify stake by 90.1% in Q4, ending the period with 163,057 shares valued at about $94.69 million.
• Spotify reported a strong quarter with EPS of $5.16 versus $3.16 expected and revenue of $5.32 billion, yielding a 13.16% net margin and 31.35% return on equity.
• Wall Street sentiment is broadly positive: the stock's average rating is Moderate Buy with an average price target of $703.87, and several firms (including Goldman Sachs) have recently upgraded or revised targets.

Assenagon Asset Management S.A. raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 90.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 163,057 shares of the company's stock after purchasing an additional 77,283 shares during the quarter. Assenagon Asset Management S.A. owned 0.08% of Spotify Technology worth $94,689,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SPOT. Quadcap Wealth Management LLC grew its position in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after buying an additional 16 shares in the last quarter. Sage Mountain Advisors LLC lifted its position in shares of Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company's stock worth $201,000 after acquiring an additional 17 shares during the period. Fullerton Fund Management Co Ltd. lifted its position in shares of Spotify Technology by 7.0% in the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company's stock worth $212,000 after acquiring an additional 18 shares during the period. Sagespring Wealth Partners LLC grew its holdings in shares of Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock worth $370,000 after purchasing an additional 18 shares in the last quarter. Finally, Granite Group Advisors LLC grew its holdings in shares of Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company's stock worth $528,000 after purchasing an additional 19 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SPOT shares. The Goldman Sachs Group upgraded Spotify Technology from a "neutral" rating to a "buy" rating and cut their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Wells Fargo & Company lowered their price target on shares of Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 11th. Finally, Guggenheim lowered their target price on shares of Spotify Technology from $720.00 to $600.00 and set a "buy" rating on the stock in a research note on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $703.87.

Spotify Technology Stock Performance

SPOT opened at $492.28 on Tuesday. The firm has a market cap of $101.35 billion, a price-to-earnings ratio of 51.07, a PEG ratio of 1.04 and a beta of 1.66. The firm's 50-day simple moving average is $495.56 and its 200-day simple moving average is $586.74. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $5.14 billion. During the same period last year, the firm posted $1.88 EPS. The firm's quarterly revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

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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