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Exchange Traded Concepts LLC increased its holding of Spotify Technology SA (NYSE:SPOT – Get Rating) by 31.9% in the fourth quarter, according to the latest Form 13F filed with the Securities and Exchange Commission (SEC). The fund owned 3,550 shares of the company after purchasing an additional 858 shares during the quarter. Exchange Traded Concepts LLC’s stake in Spotify Technology was valued at $280,000 as of its latest filing with the Securities and Exchange Commission (SEC).
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Other hedge funds have also recently bought and sold shares in the company. CoreCap Advisors LLC purchased a new position in Spotify Technology worth approximately $29,000 in the second quarter. Stonebridge Capital Advisors LLC raised his stake in Spotify Technology by 1,300.0% in the third quarter. Stonebridge Capital Advisors LLC now owns 350 shares of the company worth $30,000 after purchasing an additional 325 of his shares during this period. Neo Ivy Capital Management increased its stake in Spotify Technology by 87.6% in the third quarter. Neo Ivy Capital Management now owns 362 shares of the company worth $31,000 after purchasing an additional 169 shares during this period. Twin Lakes Capital Management LLC purchased new shares in Spotify Technology worth approximately $34,000 in the third quarter. Finally, First Manhattan Co. increased its stake in Spotify Technology by 65.8% in the first quarter. After purchasing an additional 100 shares during this period, First Manhattan Co. now owns 252 shares of the company stock valued at $38,000. Hedge funds and other institutional investors own 52.80% of the company’s shares.
Price performance of Spotify technology
SPOT shares opened at $130.83 on Friday. Spotify Technology SA has a one-year low of $69.29 and a one-year high of $160.06. The company has a 50-day simple moving average of $120.65 and a 200-day simple moving average of $96.78. The company has a market capitalization of $25.29 billion, a P/E ratio of -42.34 and a beta of 1.75.
Spotify Technology (NYSE:SPOT – Get Rating) last reported earnings on Tuesday, January 31st. The company reported his earnings per share ($1.43) for the quarter. This is off ($0.15) from analyst consensus expectations ($1.28). Spotify Technology had a net profit margin of 3.48% and a return on equity of 17.78%. The business generated $3.23 billion in revenue for the quarter, compared with analyst estimates of $3.26 billion. On average, sell-side analysts expect Spotify Technology SA to post earnings per share of minus 2.52 for the current year.
Wall Street analyst opinion
Several equity analysts have been paying close attention to SPOT stocks recently. Truist Financial raised its price target for Spotify Technology from his $115.00 to his $132.00 in its research notes on Wednesday, Feb. 1, giving the stock a “buy” rating. Atlantic Securities upgraded Spotify Technology’s stock from a “neutral” rating to an “overweight” rating and set a price target of $160.00 in his Monday, February 6 research notes. Redburn Partners upgraded Spotify Technology’s stock from a “neutral” rating to a “buy” rating and set a price target of $140.00 in a research note on Wednesday, March 1. Deutsche Bank Aktiengesellschaft increased its price target for Spotify Technology from $100.00 to $105.00 in its research notes on Monday, January 30. Finally, in his Wednesday, March 22 report, Guggenheim upgraded Spotify Technology’s stock from a “neutral” rating to a “buy” rating and raised its price target from $120.00 to $155.00. Seven equity research analysts gave the stock a hold rating and 14 gave the stock a buy rating. Based on MarketBeat data, Spotify Technology has an average rating of “moderate buy” with a consensus price target of $132.78.
Spotify Technology Profile
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Spotify Technology SA is a digital music service that gives music fans instant access to the world of music. It operates through its Premium and Ad-supported segments. The premium segment offers subscribers unlimited online and offline high-quality streaming access to music and podcasts on computers, tablets and mobile devices.
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Want to know which other hedge funds hold SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trading from Spotify Technology SA (NYSE:SPOT – Get Rating).
This instant news alert was generated by Narrative Science Technology and MarketBeat financial data to provide our readers with the fastest and most accurate reporting. This article was reviewed by MarketBeat’s editorial team prior to publication. Send any questions or comments about this story to contact@marketbeat.com.
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