Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Okabena Investment Services Inc.

Okabena Investment Services Inc. grew its stake in Spotify Technology S.A. (NYSE:SPOT) by 128.8% during the third quarter, HoldingsChannel.com reports. The firm owned 3,979 shares of the company’s stock after purchasing an additional 2,240 shares during the period. Okabena Investment Services Inc.’s holdings in Spotify Technology were worth $1,466,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SPOT. WCM Investment Management LLC increased its stake in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the period. Swedbank AB lifted its holdings in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares during the last quarter. Perpetual Ltd boosted its stake in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. grew its holdings in shares of Spotify Technology by 5.6% during 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 last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $475.04 on Friday. The company has a market capitalization of $94.56 billion, a PE ratio of 129.09 and a beta of 1.56. The stock has a fifty day moving average of $391.61 and a 200-day moving average of $344.27. Spotify Technology S.A. has a one year low of $178.73 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last released 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 company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS. As a group, research analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. TD Cowen upped their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted 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. 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 stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

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.