Central Asset Investments & Management Holdings HK Ltd Has $674,000 Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Central Asset Investments & Management Holdings HK Ltd increased its holdings in Spotify Technology by 68.9% during the 1st quarter, acquiring an additional 500 shares.
• Spotify reported a loss of $0.42 per share for the last quarter, significantly missing analysts' expectations of $2.00, while its revenue increased by 10.1% year-over-year.
• Several hedge funds have recently adjusted their positions in Spotify, with 84.09% of the stock currently owned by institutional investors.

Central Asset Investments & Management Holdings HK Ltd grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 68.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,226 shares of the company's stock after purchasing an additional 500 shares during the quarter. Spotify Technology comprises about 1.1% of Central Asset Investments & Management Holdings HK Ltd's portfolio, making the stock its 22nd biggest holding. Central Asset Investments & Management Holdings HK Ltd's holdings in Spotify Technology were worth $674,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Bank of Nova Scotia lifted its holdings in shares of Spotify Technology by 36.4% in the fourth quarter. Bank of Nova Scotia now owns 750 shares of the company's stock valued at $336,000 after purchasing an additional 200 shares in the last quarter. Martingale Asset Management L P lifted its stake in Spotify Technology by 13.3% during the fourth quarter. Martingale Asset Management L P now owns 735 shares of the company's stock worth $329,000 after purchasing an additional 86 shares during the last quarter. Townsquare Capital LLC lifted its stake in Spotify Technology by 437.0% during the fourth quarter. Townsquare Capital LLC now owns 5,338 shares of the company's stock worth $2,388,000 after purchasing an additional 4,344 shares during the last quarter. Savvy Advisors Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $225,000. Finally, Mariner LLC raised its position in Spotify Technology by 6.4% during the 4th quarter. Mariner LLC now owns 16,362 shares of the company's stock valued at $7,320,000 after purchasing an additional 979 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SPOT shares. Canaccord Genuity Group upped their price objective on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Macquarie raised their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Barclays decreased their price objective on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research note on Monday, April 21st. Finally, DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target on the stock in a report on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Price Performance

NYSE:SPOT traded up $33.24 during trading hours on Friday, reaching $731.74. The company had a trading volume of 3,005,192 shares, compared to its average volume of 2,753,961. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The firm has a market cap of $149.79 billion, a PE ratio of 177.61, a price-to-earnings-growth ratio of 3.02 and a beta of 1.69. The business's 50 day moving average price is $703.27 and its 200-day moving average price is $636.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. On average, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.