Brown Advisory Inc. Acquires 31,620 Shares of Spotify Technology (NYSE:SPOT)

Brown Advisory Inc. boosted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 886.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,186 shares of the company's stock after purchasing an additional 31,620 shares during the quarter. Brown Advisory Inc.'s holdings in Spotify Technology were worth $19,353,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Thrivent Financial for Lutherans raised its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after acquiring an additional 3,536 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Spotify Technology by 108.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after acquiring an additional 78,499 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Spotify Technology by 36.3% during the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after buying an additional 189 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Down 1.8%

SPOT stock traded down $12.77 during midday trading on Thursday, hitting $709.35. The company had a trading volume of 1,337,466 shares, compared to its average volume of 2,222,207. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The stock's 50 day moving average price is $686.31 and its 200 day moving average price is $597.48. The stock has a market cap of $145.21 billion, a price-to-earnings ratio of 117.64, a PEG ratio of 1.90 and a beta of 1.68.

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 for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent research reports. DZ Bank cut Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a report on Friday, June 13th. UBS Group raised 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. Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. The Goldman Sachs Group increased their price target on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $681.27.

Spotify Technology 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.