Highland Capital Management LLC Invests $1.45 Million in Spotify Technology $SPOT

Highland Capital Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,075 shares of the company’s stock, valued at approximately $1,448,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. Asio Capital LLC purchased a new stake in Spotify Technology during the third quarter worth approximately $3,143,000. AMI Asset Management Corp acquired a new position in shares of Spotify Technology during the 3rd quarter valued at $18,843,000. Blue Trust Inc. boosted its position in Spotify Technology by 45.1% during the 3rd quarter. Blue Trust Inc. now owns 1,399 shares of the company’s stock worth $977,000 after purchasing an additional 435 shares during the period. BSW Wealth Partners boosted its position in Spotify Technology by 70.9% during the 3rd quarter. BSW Wealth Partners now owns 540 shares of the company’s stock worth $377,000 after purchasing an additional 224 shares during the period. Finally, World Investment Advisors increased its holdings in Spotify Technology by 17.3% in the 3rd quarter. World Investment Advisors now owns 1,963 shares of the company’s stock valued at $1,370,000 after purchasing an additional 290 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 0.3%

SPOT stock opened at $584.80 on Friday. The firm has a 50 day simple moving average of $611.66 and a 200-day simple moving average of $670.24. The company has a market capitalization of $120.40 billion, a P/E ratio of 91.95, a PEG ratio of 1.89 and a beta of 1.66. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 EPS. On average, research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SPOT. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday. BNP Paribas Exane began coverage on Spotify Technology in a report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price on the stock. Citizens Jmp initiated coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target on the stock. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Barclays dropped their price objective on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $760.23.

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.