Benjamin Edwards Inc. Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Benjamin Edwards Inc. grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 29.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,672 shares of the company's stock after acquiring an additional 1,298 shares during the quarter. Benjamin Edwards Inc.'s holdings in Spotify Technology were worth $2,538,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth $800,725,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology in the fourth quarter worth $619,600,000. Geode Capital Management LLC increased its stake in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. Finally, Norges Bank bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $396,028,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 3.9%

Shares of NYSE SPOT traded down $25.35 during trading on Monday, reaching $622.91. 2,028,692 shares of the company traded hands, compared to its average volume of 2,172,325. The firm has a 50 day simple moving average of $575.47 and a 200-day simple moving average of $525.93. The stock has a market capitalization of $127.51 billion, a PE ratio of 104.72 and a beta of 1.72. Spotify Technology S.A. has a 52-week low of $286.21 and a 52-week high of $666.61.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 earnings per share. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research analyst reports. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research report on Monday, April 21st. KeyCorp reduced their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Evercore ISI reduced their price objective on shares of Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Barclays reduced their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company boosted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.48.

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.