Cerity Partners LLC Purchases 4,335 Shares of Spotify Technology (NYSE:SPOT)

Cerity Partners LLC lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,244 shares of the company's stock after purchasing an additional 4,335 shares during the quarter. Cerity Partners LLC's holdings in Spotify Technology were worth $19,935,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. GQG Partners LLC acquired a new position in Spotify Technology during the fourth quarter worth $800,725,000. Geode Capital Management LLC raised its position in Spotify Technology by 561.6% in the 4th 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 during the last quarter. Norges Bank bought a new position in Spotify Technology in the 4th quarter valued at $396,028,000. Janus Henderson Group PLC raised its position in Spotify Technology by 325.9% in the 4th 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 during the last quarter. Finally, Northern Trust Corp raised 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 purchasing an additional 726,245 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE:SPOT traded up $15.40 on Thursday, reaching $720.95. The company's stock had a trading volume of 1,657,310 shares, compared to its average volume of 2,219,196. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The firm has a market cap of $147.59 billion, a PE ratio of 119.56, a PEG ratio of 1.88 and a beta of 1.68. The business's 50-day moving average price is $695.14 and its two-hundred day moving average price is $608.01.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (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 business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm's revenue was up 15.2% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Pivotal Research lifted their price objective on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Morgan Stanley lifted their price objective on Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, FBN Securities initiated coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $701.31.

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.