Aigen Investment Management LP Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• Aigen Investment Management LP invested approximately $546,000 in Spotify Technology by acquiring 993 shares during the first quarter, according to their recent SEC filing.
• Spotify Technology's stock opened at $689.27 and has a market capitalization of $141.10 billion, with a price-to-earnings ratio of 167.30.
• The company's earnings report revealed a loss of ($0.42) EPS, missing estimates significantly, while revenue increased 10.1% year-over-year to $4.94 billion.

Aigen Investment Management LP acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 993 shares of the company's stock, valued at approximately $546,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Cornerstone Planning Group LLC boosted its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the period. Tsfg LLC bought a new position in Spotify Technology during the first quarter worth $28,000. North Star Investment Management Corp. boosted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares during the period. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $26,000. Finally, Copia Wealth Management bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. The Goldman Sachs Group boosted their price target on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company boosted their target price on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Benchmark lowered their target price on Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley lowered their target price on 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, Barclays lowered their target price on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 4.8%

Shares of SPOT traded up $33.24 during trading hours on Friday, reaching $731.74. 3,005,192 shares of the company's stock traded hands, compared to its average volume of 2,328,602. The stock has a market cap of $149.79 billion, a PE ratio of 177.61, a price-to-earnings-growth ratio of 3.01 and a beta of 1.69. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The firm's 50 day simple moving average is $702.88 and its 200-day simple moving average is $635.18.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. Spotify Technology's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $1.33 earnings per share. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.