Fred Alger Management LLC Buys 91,680 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fred Alger Management LLC lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 442,557 shares of the company’s stock after acquiring an additional 91,680 shares during the quarter. Spotify Technology makes up approximately 0.8% of Fred Alger Management LLC’s holdings, making the stock its 25th biggest position. Fred Alger Management LLC owned about 0.22% of Spotify Technology worth $163,096,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aigen Investment Management LP raised its holdings in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares during the period. Pathway Capital Management LP grew its position in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd raised its stake in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the period. Covenant Asset Management LLC purchased a new position in Spotify Technology in the 3rd quarter worth approximately $3,364,000. Finally, Jag Capital Management LLC bought a new position in Spotify Technology in the 3rd quarter worth approximately $13,569,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SPOT shares. KeyCorp lifted their price objective 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. Evercore ISI boosted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. TD Cowen increased their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Benchmark lifted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One research 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 company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Price Performance

Shares of SPOT stock opened at $475.24 on Friday. The company has a market capitalization of $94.60 billion, a P/E ratio of 129.14 and a beta of 1.56. The company’s 50-day simple moving average is $402.06 and its two-hundred day simple moving average is $348.93. Spotify Technology S.A. has a one year low of $179.66 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last announced 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 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 firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. On average, research 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.