AustralianSuper Pty Ltd purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 34,736 shares of the company's stock, valued at approximately $19,106,000.
Other institutional investors have also made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter worth $27,000. Tsfg LLC acquired a new stake in shares of Spotify Technology in the first quarter worth $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology in the fourth quarter worth $29,000. Finally, Cornerstone Planning Group LLC raised its holdings in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Spotify Technology Trading Down 3.6%
SPOT stock opened at $694.90 on Friday. The business's 50-day moving average price is $696.06 and its two-hundred day moving average price is $610.84. The firm has a market cap of $142.25 billion, a PE ratio of 115.24, a P/E/G ratio of 1.85 and a beta of 1.68. Spotify Technology has a 1-year low of $290.13 and a 1-year high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.
Analysts Set New Price Targets
SPOT has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. China Renaissance assumed coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. Loop Capital boosted their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, Robert W. Baird boosted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $701.31.
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About Spotify Technology
(
Free Report)
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.
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