Harvest Fund Management Co. Ltd Raises Holdings in Spotify Technology S.A. (NYSE:SPOT)

Harvest Fund Management Co. Ltd increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 23.5% during the 3rd quarter, Holdings Channel reports. The fund owned 5,129 shares of the company’s stock after purchasing an additional 977 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Spotify Technology were worth $1,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. Swedbank AB raised its holdings in Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares during the period. Perpetual Ltd boosted its position in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Finally, D1 Capital Partners L.P. grew its holdings in Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. Pivotal Research upped their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Barclays upped their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. KeyCorp lifted their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $479.85 on Tuesday. The firm has a market capitalization of $95.51 billion, a PE ratio of 130.39 and a beta of 1.56. Spotify Technology S.A. has a 1 year low of $179.66 and a 1 year high of $489.69. The firm’s 50-day moving average is $394.43 and its two-hundred day moving average is $345.87.

Spotify Technology (NYSE:SPOT) last released 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). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. Analysts expect that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

About Spotify Technology

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.