WT Asset Management Ltd Purchases New Holdings in Spotify Technology S.A. (NYSE:SPOT)

WT Asset Management Ltd acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 33,500 shares of the company’s stock, valued at approximately $14,987,000. Spotify Technology makes up 1.7% of WT Asset Management Ltd’s holdings, making the stock its 15th largest position.

A number of other hedge funds have also made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth $40,000. Finally, Rakuten Securities Inc. raised its position in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPOT. KeyCorp boosted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark restated a “buy” rating and issued a $520.00 target price on shares of Spotify Technology in a report on Thursday, January 16th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.39.

Spotify Technology Stock Up 13.4 %

Shares of SPOT opened at $622.69 on Wednesday. The company has a market cap of $123.95 billion, a P/E ratio of 169.21 and a beta of 1.63. Spotify Technology S.A. has a fifty-two week low of $219.36 and a fifty-two week high of $623.40. The firm’s 50 day moving average price is $482.11 and its 200 day moving average price is $407.08.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) 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 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

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.