Dnca Finance Purchases 6,540 Shares of Spotify Technology $SPOT

Key Points

• Dnca Finance increased its Spotify stake by 25.3% in Q3, buying 6,540 shares to hold 32,340 shares worth about $22.57 million, roughly 1.5% of its portfolio and the firm's 19th-largest position.
• 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.
• Analysts are mixed but generally positive: MarketBeat's consensus is a Moderate Buy with a $703.87 price target, while several brokers recently adjusted ratings and lowered targets (e.g., Goldman Sachs upgraded to Buy but cut its target to $700).

Dnca Finance lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 25.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,340 shares of the company's stock after purchasing an additional 6,540 shares during the period. Spotify Technology accounts for approximately 1.5% of Dnca Finance's portfolio, making the stock its 19th largest position. Dnca Finance's holdings in Spotify Technology were worth $22,573,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SPOT. The Goldman Sachs Group upgraded Spotify Technology from a "neutral" rating to a "buy" rating and decreased their target price for the company from $735.00 to $700.00 in a report on Friday, January 23rd. Guggenheim cut their price target on shares of Spotify Technology from $720.00 to $600.00 and set a "buy" rating on the stock in a report on Tuesday, February 24th. Weiss Ratings downgraded shares of Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, February 26th. KeyCorp decreased their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating for the company in a report on Monday, February 9th. Finally, Cantor Fitzgerald dropped their target price on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating for the company in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $703.87.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $516.14 on Friday. The company has a 50 day simple moving average of $502.35 and a two-hundred day simple moving average of $596.07. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a P/E/G ratio of 1.11 and a beta of 1.66.

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

Spotify Technology 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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