Brookwood Investment Group LLC Takes $397,000 Position in Spotify Technology (NYSE:SPOT)

Key Points

• Brookwood Investment Group LLC has acquired 722 shares of Spotify Technology, valued at approximately $397,000, marking a new investment position in the company during Q1.
• Multiple institutional investors have increased their stakes in Spotify, with Jennison Associates LLC raising its holding by 42.3%, now owning over $2.3 billion worth of shares.
• Wall Street analysts are bullish on Spotify, with several raising their price targets significantly, resulting in an average price target of $727.52 and a general rating of "Moderate Buy."

Brookwood Investment Group LLC purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 722 shares of the company's stock, valued at approximately $397,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Norges Bank bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $396,028,000. Janus Henderson Group PLC lifted its holdings in shares of Spotify Technology by 325.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Spotify Technology by 103.7% in the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after purchasing an additional 726,245 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

NYSE SPOT traded up $11.43 during trading hours on Friday, reaching $692.85. The company's stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. The stock has a market cap of $141.83 billion, a PE ratio of 114.90, a PEG ratio of 1.84 and a beta of 1.68. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00. The company's 50-day moving average is $701.36 and its two-hundred day moving average is $618.42.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business earned $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target on the stock. Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Benchmark lifted their target price on Spotify Technology from $700.00 to $840.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. UBS Group lifted their target price on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Morgan Stanley lifted their target price on Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $727.52.

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.