Verition Fund Management LLC Acquires 558 Shares of Spotify Technology S.A. (NYSE:SPOT)

Posted by Defense World Staff on Mar 5th, 2023

Verition Fund Management LLC boosted its holdings in Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,022 shares of the company’s stock after buying an additional 558 shares during the quarter. Verition Fund Management LLC’s holdings in Spotify Technology were worth $692,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SPOT. CoreCap Advisors LLC bought a new position in Spotify Technology in the 2nd quarter valued at approximately $29,000. Desjardins Global Asset Management Inc. bought a new position in Spotify Technology in the 2nd quarter valued at approximately $34,000. Twin Lakes Capital Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $34,000. First Manhattan Co. increased its position in Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Spotify Technology by 38.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 476 shares of the company’s stock valued at $45,000 after purchasing an additional 133 shares during the period. Institutional investors own 52.80% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT opened at $123.74 on Friday. The company has a fifty day simple moving average of $104.64 and a 200 day simple moving average of $94.22. Spotify Technology S.A. has a 12-month low of $69.29 and a 12-month high of $160.06.

Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.15). Spotify Technology had a negative net margin of 3.48% and a negative return on equity of 17.78%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.26 billion. On average, equities analysts expect that Spotify Technology S.A. will post -2.15 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Redburn Partners raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Wednesday. Jefferies Financial Group downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and decreased their target price for the company from $115.00 to $95.00 in a research report on Thursday, January 12th. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 1st. Raymond James increased their target price on shares of Spotify Technology from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, February 1st. Finally, Pivotal Research increased their target price on shares of Spotify Technology from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 1st. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.73.

Spotify Technology Company Profile

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.