Bessemer Group Inc. Raises Stock Holdings in Spotify Technology (NYSE:SPOT)

Bessemer Group Inc. grew its stake in Spotify Technology (NYSE:SPOT - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,281 shares of the company's stock after acquiring an additional 1,289 shares during the quarter. Bessemer Group Inc. owned about 0.08% of Spotify Technology worth $88,160,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SPOT. Adero Partners LLC lifted its holdings in Spotify Technology by 0.7% in the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares in the last quarter. North Star Investment Management Corp. raised its position in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares during the last quarter. Auxano Advisors LLC raised its position in shares of Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company's stock valued at $370,000 after buying an additional 20 shares during the last quarter. SRS Capital Advisors Inc. lifted its stake in shares of Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after buying an additional 25 shares during the period. Finally, Covenant Partners LLC boosted its position in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $7.07 during mid-day trading on Friday, hitting $782.97. 474,635 shares of the company traded hands, compared to its average volume of 2,207,765. The firm has a market cap of $160.28 billion, a P/E ratio of 129.91, a PEG ratio of 1.93 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $786.50. The firm's 50 day simple moving average is $661.04 and its 200 day simple moving average is $581.19.

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 analysts' consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 EPS. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. KeyCorp cut their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Evercore ISI upped their target price on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. JPMorgan Chase & Co. increased their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Loop Capital raised their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group restated a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $654.93.

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.