30,869 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Castlekeep Investment Advisors LLC

Castlekeep Investment Advisors LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 30,869 shares of the company's stock, valued at approximately $13,810,000. Spotify Technology makes up about 2.3% of Castlekeep Investment Advisors LLC's portfolio, making the stock its 9th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Spotify Technology during the 4th quarter worth $214,000. Finally, Swedbank AB increased its holdings in shares of Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock valued at $423,279,000 after acquiring an additional 163,626 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SPOT. China Renaissance began coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective on the stock. Wells Fargo & Company increased their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Cantor Fitzgerald lowered their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Finally, Macquarie increased their target price on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $609.07.

Spotify Technology Trading Down 0.1%

NYSE:SPOT traded down $0.81 during mid-day trading on Tuesday, hitting $653.01. 1,704,986 shares of the company's stock traded hands, compared to its average volume of 2,210,493. The firm has a market capitalization of $133.68 billion, a price-to-earnings ratio of 109.75 and a beta of 1.72. The firm has a 50 day moving average of $595.79 and a two-hundred day moving average of $545.55. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $670.69.

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

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.