Assenagon Asset Management S.A. Buys 45,717 Shares of Spotify Technology S.A. (NYSE:SPOT)

Assenagon Asset Management S.A. grew its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 124.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,561 shares of the company's stock after buying an additional 45,717 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Spotify Technology were worth $45,411,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Thrivent Financial for Lutherans increased its position in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares in the last quarter. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology in the fourth quarter worth about $535,000. Steward Partners Investment Advisory LLC increased its position in Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after buying an additional 85 shares in the last quarter. WealthPlan Investment Management LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $217,000. Finally, Amundi grew its position in shares of Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company's stock worth $359,812,000 after purchasing an additional 495,087 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the subject of several research analyst reports. Evercore ISI increased their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Guggenheim reiterated a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Cantor Fitzgerald cut their target price on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Finally, Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $614.59.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $4.79 during trading on Monday, hitting $715.64. The company had a trading volume of 1,338,469 shares, compared to its average volume of 2,205,709. The stock has a market cap of $146.50 billion, a price-to-earnings ratio of 120.28 and a beta of 1.68. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $723.70. The company has a fifty day simple moving average of $634.00 and a two-hundred day simple moving average of $569.07.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 earnings per share. On average, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Spotify Technology Company 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.