Aberdeen Group plc Boosts Position in Spotify Technology $SPOT

Key Points

• Aberdeen Group plc increased its investment in Spotify Technology by 45.7%, holding 215,998 shares valued at approximately $116.63 million as of its latest SEC filing.
• Spotify's revenue rose 10.1% year-over-year, reaching $4.94 billion in the last quarter, but the company reported a net loss of ($0.42) earnings per share, missing analysts' expectations.
• Equities research analysts are bullish on Spotify, with multiple firms raising their target price and a consensus rating of "Moderate Buy", pointing towards an average target price of $718.90.

Aberdeen Group plc raised its stake in Spotify Technology (NYSE:SPOT - Free Report) by 45.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 215,998 shares of the company's stock after buying an additional 67,716 shares during the quarter. Aberdeen Group plc owned approximately 0.11% of Spotify Technology worth $116,634,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Janus Henderson Group PLC increased its holdings in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after acquiring an additional 861,232 shares in the last quarter. Northern Trust Corp boosted its position in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the period. Finally, GAMMA Investing LLC lifted its position in Spotify Technology by 75,856.5% during the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock worth $394,805,000 after acquiring an additional 716,844 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 4.8%

SPOT stock traded up $33.24 during midday trading on Friday, reaching $731.74. 3,005,192 shares of the company's stock traded hands, compared to its average volume of 2,796,766. The company has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a P/E/G ratio of 3.17 and a beta of 1.69. The firm's fifty day moving average price is $703.27 and its 200-day moving average price is $637.83. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The business's revenue was up 10.1% compared to the same quarter last year. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. KeyCorp reduced their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a report on Monday, April 21st. Sanford C. Bernstein boosted their price target on Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Morgan Stanley lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company raised their price objective on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $718.90.

About Spotify Technology

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.