BOCHK Asset Management Ltd Invests $12.52 Million in Spotify Technology (NYSE:SPOT)

BOCHK Asset Management Ltd purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 22,770 shares of the company's stock, valued at approximately $12,524,000. Spotify Technology comprises 7.1% of BOCHK Asset Management Ltd's investment portfolio, making the stock its 4th biggest position.

Other hedge funds have also recently modified their holdings of the company. FMR LLC increased its position in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Schroder Investment Management Group increased its position in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after acquiring an additional 7,075 shares during the last quarter. GQG Partners LLC purchased a new stake in Spotify Technology during the fourth quarter valued at $800,725,000. Geode Capital Management LLC increased its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Northern Trust Corp increased its position in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. China Renaissance initiated coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price objective for the company. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. DZ Bank cut Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. Barclays reduced their price target on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Finally, Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Trading Up 2.0%

Shares of Spotify Technology stock opened at $723.98 on Monday. The stock has a 50 day moving average of $678.50 and a 200 day moving average of $593.82. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The firm has a market cap of $148.20 billion, a PE ratio of 120.06, a PEG ratio of 1.91 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

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