Triasima Portfolio Management inc. Buys 2,693 Shares of Spotify Technology $SPOT

Triasima Portfolio Management inc. grew its stake in Spotify Technology (NYSE:SPOT) by 35.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,222 shares of the company’s stock after purchasing an additional 2,693 shares during the quarter. Spotify Technology comprises 1.1% of Triasima Portfolio Management inc.’s holdings, making the stock its 28th biggest position. Triasima Portfolio Management inc.’s holdings in Spotify Technology were worth $7,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Knuff & Co LLC bought a new position in Spotify Technology in the 2nd quarter worth about $27,000. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology during the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Sound Income Strategies LLC raised its holdings in Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after acquiring an additional 25 shares during the last quarter. Finally, GFG Capital LLC bought a new position in Spotify Technology in the 2nd quarter valued at approximately $33,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 0.8%

SPOT opened at $508.77 on Tuesday. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The company has a market cap of $104.75 billion, a price-to-earnings ratio of 79.94, a PEG ratio of 0.96 and a beta of 1.66. The company’s 50 day moving average is $580.38 and its 200 day moving average is $649.87.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.45 EPS. As a group, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. The Goldman Sachs Group lowered Spotify Technology from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Argus initiated coverage on Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price objective for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday, December 29th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Finally, Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $743.90.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.