LGT Group Foundation Acquires 9,218 Shares of Spotify Technology $SPOT

Key Points

• LGT Group Foundation increased its stake in Spotify by 24.4% in Q3, buying 9,218 shares to hold 47,037 shares worth about $32.96 million.
• Spotify beat expectations for the quarter with EPS of $5.16 vs. $3.16 estimated and revenue of $5.32 billion vs. $5.14 billion, showing a 31.35% ROE and a 13.16% net margin.
• Analysts maintain a Moderate Buy consensus with an average price target near $698.91; the stock trades in a 52-week range of $405–$785 and has a market cap of about $116.7 billion.

LGT Group Foundation lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 24.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 47,037 shares of the company's stock after purchasing an additional 9,218 shares during the quarter. LGT Group Foundation's holdings in Spotify Technology were worth $32,958,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SPOT. Knuff & Co LLC bought a new stake in shares of Spotify Technology during the second quarter worth $27,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. lifted 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 acquiring an additional 38 shares in the last quarter. Total Investment Management Inc. acquired a new position in Spotify Technology in the 2nd quarter worth $29,000. Finally, Westfuller Advisors LLC bought a new position in Spotify Technology during the 3rd quarter worth about $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

SPOT opened at $566.73 on Monday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a market capitalization of $116.68 billion, a PE ratio of 58.79, a PEG ratio of 1.23 and a beta of 1.66. The business's 50-day simple moving average is $507.95 and its 200 day simple moving average is $600.68.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPOT shares. Wells Fargo & Company dropped their price target on Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 13th. Phillip Securities raised Spotify Technology from a "hold" rating to a "moderate buy" rating in a research report on Monday, November 10th. Moffett Nathanson began coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a "neutral" rating and a $487.00 target price on the stock. Barclays raised their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $698.91.

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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