GAMMA Investing LLC Increases Position in Spotify Technology S.A. (NYSE:SPOT)

GAMMA Investing LLC grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 39.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 945 shares of the company’s stock after purchasing an additional 268 shares during the period. GAMMA Investing LLC’s holdings in Spotify Technology were worth $423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter valued at $26,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth about $33,000. Asset Dedication LLC purchased a new stake in Spotify Technology during the 2nd quarter valued at about $35,000. Finally, Larson Financial Group LLC increased 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 valued at $36,000 after purchasing an additional 33 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.9 %

Shares of NYSE:SPOT opened at $466.69 on Monday. Spotify Technology S.A. has a 12-month low of $187.45 and a 12-month high of $506.47. The company has a market cap of $92.90 billion, a PE ratio of 126.82 and a beta of 1.62. The stock has a 50 day moving average of $451.89 and a 200 day moving average of $379.33.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Macquarie increased their target price on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Benchmark boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $429.96.

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.