Munro Partners Acquires New Holdings in Spotify Technology $SPOT

Munro Partners bought a new position in shares of Spotify Technology (NYSE:SPOT) in the 2nd quarter, HoldingsChannel reports. The fund bought 77,560 shares of the company’s stock, valued at approximately $59,515,000. Spotify Technology makes up 1.9% of Munro Partners’ portfolio, making the stock its 27th biggest holding.

Other institutional investors have also made changes to their positions in the company. Knuff & Co LLC acquired a new position in shares of Spotify Technology in the 2nd quarter worth approximately $27,000. Sound Income Strategies LLC increased its holdings in Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after purchasing an additional 25 shares during the last quarter. GFG Capital LLC purchased a new stake in Spotify Technology in the second quarter valued at approximately $33,000. Truvestments Capital LLC acquired a new position in Spotify Technology during the first quarter worth $34,000. Finally, Avion Wealth acquired a new position in Spotify Technology during the second quarter worth $38,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPOT. Argus assumed coverage on Spotify Technology in a research note on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. BNP Paribas Exane assumed coverage on shares of Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price target on the stock. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Finally, Citigroup lifted their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $758.86.

Spotify Technology Stock Performance

SPOT stock opened at $597.27 on Friday. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The company’s 50 day moving average price is $631.45 and its 200 day moving average price is $677.39. The firm has a market capitalization of $122.97 billion, a price-to-earnings ratio of 93.91, a PEG ratio of 1.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the previous year, the business posted $1.45 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.