Bayforest Capital Ltd Purchases 1,335 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Bayforest Capital Ltd has increased its stake in Spotify Technology by 163.2%, acquiring an additional 1,335 shares and now holding a total of 2,153 shares, valued at approximately $1.18 million.
• Numerous institutional investors, including O Shaughnessy Asset Management and QRG Capital Management, have also increased their holdings in Spotify, with a total of 84.09% of the stock currently owned by institutional investors.
• Spotify reported a net margin of 7.19% for its last quarter, despite missing earnings expectations, with revenues exceeding forecasts at $4.41 billion.

Bayforest Capital Ltd lifted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 163.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,153 shares of the company's stock after acquiring an additional 1,335 shares during the period. Spotify Technology accounts for about 0.6% of Bayforest Capital Ltd's investment portfolio, making the stock its 15th largest position. Bayforest Capital Ltd's holdings in Spotify Technology were worth $1,184,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $26,000. Tsfg LLC bought a new stake in Spotify Technology during the 1st quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in Spotify Technology in the 4th quarter valued at approximately $29,000. Cornerstone Planning Group LLC increased its position in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after buying an additional 41 shares during the period. Finally, North Star Investment Management Corp. increased its position in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

NYSE:SPOT traded up $0.61 on Friday, hitting $627.15. 2,529,175 shares of the stock were exchanged, compared to its average volume of 2,387,677. The stock has a market capitalization of $128.38 billion, a price-to-earnings ratio of 152.22, a P/E/G ratio of 2.56 and a beta of 1.70. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00. The company's 50-day moving average price is $700.71 and its 200 day moving average price is $623.58.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced 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). The business 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 4.76% and a return on equity of 13.67%. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 earnings per share. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPOT. Cantor Fitzgerald increased their price objective on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Bank of America raised their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a report on Wednesday. Wells Fargo & Company increased their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Robert W. Baird boosted their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $718.90.

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.