ASR Vermogensbeheer N.V. Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• ASR Vermogensbeheer N.V. invested approximately $1.94 million in Spotify Technology by acquiring 3,532 shares during the first quarter.
• Multiple significant investors, including Goldman Sachs Group and Jennison Associates, have also increased their holdings in Spotify Technology, reflecting strong institutional interest in the stock.
• Despite revenue growth of 10.1%, Spotify reported a loss of ($0.42) earnings per share for the last quarter, missing analyst estimates by ($2.42).

ASR Vermogensbeheer N.V. purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,532 shares of the company's stock, valued at approximately $1,943,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Citizens Financial Group Inc. RI boosted its position in shares of Spotify Technology by 3.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after purchasing an additional 17 shares during the period. Primecap Management Co. CA lifted its stake in Spotify Technology by 17.3% in the 1st quarter. Primecap Management Co. CA now owns 257,815 shares of the company's stock worth $141,806,000 after acquiring an additional 38,015 shares in the last quarter. Hemington Wealth Management raised its stake in shares of Spotify Technology by 77.8% during the 1st quarter. Hemington Wealth Management now owns 80 shares of the company's stock worth $44,000 after purchasing an additional 35 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Spotify Technology by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 922,064 shares of the company's stock valued at $507,163,000 after acquiring an additional 36,269 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after acquiring an additional 1,601,653 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SPOT. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a research report on Thursday, July 24th. Pivotal Research lifted their target price on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Rosenblatt Securities decreased their price objective on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Sanford C. Bernstein boosted their target price on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Cantor Fitzgerald upped their price objective on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Up 2.9%

Shares of SPOT stock traded up $19.64 on Friday, reaching $706.38. The company's stock had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The company has a market capitalization of $144.60 billion, a P/E ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. The stock's 50 day simple moving average is $702.55 and its 200-day simple moving average is $631.84.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The business 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%. The company's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. Research analysts expect that Spotify Technology will post 10.3 EPS 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.