Point72 Asia Singapore Pte. Ltd. Has $6.88 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Point72 Asia Singapore Pte. Ltd. raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 82.5% in the third quarter, Holdings Channel reports. The fund owned 18,671 shares of the company’s stock after buying an additional 8,443 shares during the quarter. Spotify Technology comprises approximately 1.3% of Point72 Asia Singapore Pte. Ltd.’s investment portfolio, making the stock its 12th biggest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Spotify Technology were worth $6,881,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the period. West Bancorporation Inc. lifted its holdings in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares during the last quarter. Avior Wealth Management LLC boosted its position in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after acquiring an additional 30 shares during the period. Washington Trust Advisors Inc. grew its stake in shares of Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after acquiring an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Spotify Technology stock opened at $476.96 on Friday. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69. The firm has a market cap of $94.94 billion, a P/E ratio of 129.61 and a beta of 1.56. The business’s fifty day moving average is $404.30 and its two-hundred day moving average is $350.65.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the business posted $0.36 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on SPOT. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Rosenblatt Securities increased their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group upped their price target on Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Macquarie lifted their price objective on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Profile

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.