Amalgamated Bank Boosts Holdings in Spotify Technology (NYSE:SPOT)

Amalgamated Bank raised its position in Spotify Technology (NYSE:SPOT - Free Report) by 4.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 10,708 shares of the company's stock after acquiring an additional 408 shares during the period. Amalgamated Bank's holdings in Spotify Technology were worth $5,890,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GQG Partners LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $800,725,000. Geode Capital Management LLC grew its holdings in Spotify Technology by 561.6% during 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 in the last quarter. Norges Bank purchased a new stake in Spotify Technology in the 4th quarter valued at $396,028,000. Janus Henderson Group PLC raised its position 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 valued at $503,316,000 after buying an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the subject of several recent analyst reports. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. China Renaissance initiated 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. Barclays reduced their target price on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $14.48 during trading on Thursday, hitting $723.98. 1,078,903 shares of the company were exchanged, compared to its average volume of 2,223,457. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00. The stock has a 50 day moving average of $674.07 and a 200 day moving average of $588.49. The company has a market cap of $148.20 billion, a PE ratio of 120.06, a P/E/G ratio of 1.87 and a beta of 1.68.

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 analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company posted $0.97 EPS. The business's revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology will post 10.3 EPS 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.