Caitong International Asset Management Co. Ltd Takes Position in Spotify Technology (NYSE:SPOT)

Key Points

• Caitong International Asset Management Co. Ltd has acquired 2,309 shares of Spotify Technology, valued at approximately $1.27 million, making it the firm's 13th largest position.
• A significant number of institutional investors have increased their stakes in Spotify, with Goldman Sachs Group Inc. leading the boost at 1,151% during the first quarter.
• Spotify reported a loss of $0.42 earnings per share, missing analysts' estimates by $2.42, while revenue was up 10.1% year-over-year, amounting to $4.94 billion.

Caitong International Asset Management Co. Ltd purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,309 shares of the company's stock, valued at approximately $1,270,000. Spotify Technology accounts for approximately 0.9% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 13th largest position.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC boosted its position in Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after buying an additional 112,553 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after buying an additional 1,601,653 shares during the last quarter. Forsta AP Fonden boosted its position in Spotify Technology by 12.6% in the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock valued at $857,855,000 after buying an additional 174,700 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after buying an additional 726,245 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Spotify Technology stock opened at $689.27 on Wednesday. The firm has a market cap of $141.10 billion, a price-to-earnings ratio of 167.30, a P/E/G ratio of 2.98 and a beta of 1.69. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The firm has a fifty day moving average price of $703.29 and a two-hundred day moving average price of $633.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The firm's revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. As a group, sell-side analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. KeyCorp reduced their price target on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Benchmark dropped their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company increased their price objective on shares of Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

About Spotify Technology

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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