Rheos Capital Works Inc. Has $9.07 Million Stock Holdings in Spotify Technology $SPOT

Rheos Capital Works Inc. decreased its stake in shares of Spotify Technology (NYSE:SPOT) by 79.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,000 shares of the company’s stock after selling 49,000 shares during the period. Rheos Capital Works Inc.’s holdings in Spotify Technology were worth $9,074,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sapient Capital LLC acquired a new position in Spotify Technology during the second quarter valued at approximately $322,000. Generali Asset Management SPA SGR boosted its position in shares of Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares in the last quarter. Cynosure Group LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $2,862,000. Legacy Capital Group California Inc. grew its holdings in shares of Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock valued at $2,990,000 after buying an additional 2,049 shares during the period. Finally, Integrated Wealth Concepts LLC increased its position in shares of Spotify Technology by 39.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock valued at $1,486,000 after buying an additional 769 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $571.89 on Wednesday. The firm has a market cap of $117.75 billion, a PE ratio of 89.92, a P/E/G ratio of 1.06 and a beta of 1.66. The business’s 50 day simple moving average is $599.46 and its 200 day simple moving average is $663.36. Spotify Technology has a 52-week low of $451.43 and a 52-week high of $785.00.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Guggenheim dropped their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Barclays lowered their target price on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Finally, BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.