Bearing Point Capital LLC Makes New $3.52 Million Investment in Spotify Technology (NYSE:SPOT)

Key Points

• Bearing Point Capital LLC has acquired a new stake in Spotify Technology, purchasing 6,390 shares valued at approximately $3.5 million during Q1.
• A number of analysts have recently upgraded their ratings on Spotify, with Oppenheimer moving it to an "outperform" rating and setting a target price of $800.00.
• Spotify's stock has a current market capitalization of $141.83 billion and has shown a significant increase in revenue compared to the prior year, up by 15.2%.

Bearing Point Capital LLC bought a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,390 shares of the company's stock, valued at approximately $3,515,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. LPL Financial LLC boosted its holdings in shares of Spotify Technology by 32.5% in the 4th quarter. LPL Financial LLC now owns 83,364 shares of the company's stock valued at $37,295,000 after purchasing an additional 20,426 shares in the last quarter. Vanguard Group Inc. lifted its stake in Spotify Technology by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 885,795 shares of the company's stock valued at $396,287,000 after purchasing an additional 198,718 shares during the last quarter. Congress Wealth Management LLC DE lifted its position in shares of Spotify Technology by 51.0% during the fourth quarter. Congress Wealth Management LLC DE now owns 992 shares of the company's stock worth $444,000 after acquiring an additional 335 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Spotify Technology by 128.3% in the fourth quarter. Prudential Financial Inc. now owns 13,676 shares of the company's stock worth $6,118,000 after purchasing an additional 7,685 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new position in Spotify Technology in the fourth quarter valued at $464,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on SPOT. Sanford C. Bernstein raised their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird lifted their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research report on Wednesday. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Finally, KeyCorp dropped their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

Spotify Technology stock traded up $23.57 during trading hours on Wednesday, reaching $643.58. The company had a trading volume of 3,427,459 shares, compared to its average volume of 2,314,970. The company has a 50-day moving average price of $701.34 and a 200 day moving average price of $621.08. The firm has a market cap of $131.75 billion, a price-to-earnings ratio of 106.61, a P/E/G ratio of 1.89 and a beta of 1.68. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts expect that Spotify Technology 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.