Y Intercept Hong Kong Ltd Purchases Shares of 6,541 Spotify Technology $SPOT

by · The Cerbat Gem

Y Intercept Hong Kong Ltd purchased a new position in Spotify Technology (NYSE:SPOT – Free Report) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 6,541 shares of the company’s stock, valued at approximately $4,566,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Joel Isaacson & Co. LLC increased its holdings in shares of Spotify Technology by 1.0% in the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock worth $1,190,000 after purchasing an additional 15 shares during the last quarter. Ignite Planners LLC boosted its stake in Spotify Technology by 2.4% during the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after buying an additional 15 shares during the last quarter. Sage Mountain Advisors LLC grew its holdings in Spotify Technology by 6.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after buying an additional 17 shares in the last quarter. Cloud Capital Management LLC increased its stake in Spotify Technology by 4.8% in the 2nd quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after acquiring an additional 18 shares during the last quarter. Finally, Fullerton Fund Management Co Ltd. raised its holdings in shares of Spotify Technology by 7.0% during the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $512.45 on Monday. The stock has a market cap of $105.51 billion, a price-to-earnings ratio of 80.57, a PEG ratio of 0.97 and a beta of 1.66. The firm’s 50-day moving average is $569.50 and its two-hundred day moving average is $643.67. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 EPS. On average, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the subject of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Barclays dropped their price objective on shares of Spotify Technology from $700.00 to $625.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Sanford C. Bernstein decreased their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Finally, Pivotal Research lowered their target price on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $739.07.

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About Spotify Technology

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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.

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