Commerce Bank Purchases 9,440 Shares of Spotify Technology S.A. (NYSE:SPOT)

Commerce Bank lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 405.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,769 shares of the company’s stock after buying an additional 9,440 shares during the period. Commerce Bank’s holdings in Spotify Technology were worth $4,337,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Aigen Investment Management LP raised its stake in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares during the last quarter. Pathway Capital Management LP raised its position in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the last quarter. Perpetual Ltd grew its position in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Jag Capital Management LLC purchased a new stake in Spotify Technology during the 3rd quarter worth approximately $13,569,000. Finally, Northeast Investment Management grew its position in Spotify Technology by 67.6% during the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock worth $4,788,000 after purchasing an additional 5,240 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $475.04 on Friday. The business’s 50 day moving average price is $391.61 and its 200-day moving average price is $343.95. Spotify Technology S.A. has a 1 year low of $178.73 and a 1 year high of $489.69. The firm has a market capitalization of $94.56 billion, a price-to-earnings ratio of 129.09 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted 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 company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. On average, sell-side analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SPOT. Macquarie boosted their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology 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.