Zweig DiMenna Associates LLC Purchases 25,850 Shares of Spotify Technology S.A. (NYSE:SPOT)

Zweig DiMenna Associates LLC raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 646.3% in the fourth quarter, HoldingsChannel reports. The fund owned 29,850 shares of the company’s stock after acquiring an additional 25,850 shares during the period. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $13,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter worth $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 0.8 %

Spotify Technology stock opened at $505.57 on Friday. Spotify Technology S.A. has a 52 week low of $210.34 and a 52 week high of $510.84. The company’s 50 day moving average price is $472.22 and its two-hundred day moving average price is $393.55. The stock has a market cap of $100.63 billion, a P/E ratio of 137.38 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the business earned $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology S.A. will post 5.91 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Morgan Stanley raised their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler raised their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Macquarie lifted their price objective on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $441.21.

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.