China Universal Asset Management Co. Ltd. acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,750 shares of the company's stock, valued at approximately $1,513,000.
A number of other hedge funds have also recently modified their holdings of SPOT. Tsfg LLC purchased a new position in Spotify Technology during the first quarter worth about $28,000. North Star Investment Management Corp. boosted its stake in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $27,000. Finally, Copia Wealth Management purchased a new position in Spotify Technology during the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.
Spotify Technology Stock Up 1.7%
NYSE:SPOT opened at $737.40 on Tuesday. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The stock has a market cap of $150.95 billion, a PE ratio of 122.29, a price-to-earnings-growth ratio of 1.91 and a beta of 1.68. The firm's fifty day simple moving average is $681.30 and its 200-day simple moving average is $595.75.
Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the company earned $0.97 earnings per share. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.
Wall Street Analyst Weigh In
SPOT has been the subject of several research analyst reports. Macquarie increased their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Canaccord Genuity Group increased their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target on the stock. Bank of America increased their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Finally, Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.
Check Out Our Latest Report on SPOT
Spotify Technology Company Profile
(
Free Report)
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.
Further Reading
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