Hel Ved Capital Management Ltd Acquires New Shares in Spotify Technology $SPOT

Key Points

• Hel Ved Capital Management bought a new position of 2,310 Spotify shares in Q3 valued at about $1.612 million, and institutional investors now own roughly 84.09% of the stock.
• Spotify beat expectations in its most recent quarter with $5.16 EPS (vs. $3.16 est.) and $5.32 billion in revenue, up 6.8% year-over-year, reporting a 31.35% ROE and a 13.16% net margin.
• Analyst sentiment is largely positive—a MarketBeat consensus of "Moderate Buy" with a $698.91 average price target—and the stock trades around $566.73 with a market cap near $116.7 billion.

Hel Ved Capital Management Ltd bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,310 shares of the company's stock, valued at approximately $1,612,000.

Several other large investors have also modified their holdings of the business. Knuff & Co LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter valued at about $27,000. Greykasell Wealth Strategies Inc. raised its stake 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 valued at $27,000 after acquiring an additional 38 shares during the period. Total Investment Management Inc. acquired a new position 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 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Up 2.6%

Shares of NYSE SPOT opened at $566.73 on Friday. The stock has a market cap of $116.65 billion, a P/E ratio of 58.79, a PEG ratio of 1.21 and a beta of 1.66. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The business's fifty day simple moving average is $507.95 and its 200-day simple moving average is $602.22.

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

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research reports. Wall Street Zen upgraded Spotify Technology from a "hold" rating to a "buy" rating in a research note on Saturday, November 8th. Citizens Jmp assumed coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a "market outperform" rating and a $800.00 price objective on the stock. Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. Phillip Securities raised Spotify Technology from a "hold" rating to a "moderate buy" rating in a research report on Monday, November 10th. Finally, Moffett Nathanson began coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a "neutral" rating and a $487.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $698.91.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.