Bank of Montreal Can Buys 172,985 Shares of Spotify Technology S.A. (NYSE:SPOT)

Bank of Montreal Can boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 123.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 312,726 shares of the company’s stock after acquiring an additional 172,985 shares during the quarter. Bank of Montreal Can’s holdings in Spotify Technology were worth $115,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SPOT. Swedbank AB bought a new position in shares of Spotify Technology during the 1st quarter valued at about $198,663,000. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after acquiring an additional 333,782 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Spotify Technology by 179.0% in the third quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock worth $140,120,000 after purchasing an additional 243,933 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $476.74 on Wednesday. The stock has a fifty day simple moving average of $397.13 and a two-hundred day simple moving average of $347.15. Spotify Technology S.A. has a 52-week low of $179.66 and a 52-week high of $489.69. The firm has a market capitalization of $94.89 billion, a PE ratio of 129.55 and a beta of 1.56.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SPOT shares. JPMorgan Chase & Co. upped their price objective 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. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Morgan Stanley boosted their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Company 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.