Zweig DiMenna Associates LLC Has $13.35 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Zweig DiMenna Associates LLC boosted its position in Spotify Technology S.A. (NYSE:SPOT) by 646.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,850 shares of the company’s stock after buying an additional 25,850 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Spotify Technology were worth $13,354,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. lifted its holdings in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT opened at $505.57 on Friday. The business’s 50-day moving average price is $472.22 and its two-hundred day moving average price is $393.55. Spotify Technology S.A. has a 1 year low of $210.34 and a 1 year high of $510.84. The company has a market capitalization of $100.63 billion, a price-to-earnings ratio of 137.38 and a beta of 1.62.

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

Analysts Set New Price Targets

Several brokerages have weighed in on SPOT. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $520.00 target price on shares of Spotify Technology in a research note on Thursday, January 16th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $441.21.

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.