2,679 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Connective Capital Management LLC

Connective Capital Management LLC acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,679 shares of the company's stock, valued at approximately $1,199,000. Spotify Technology comprises about 1.4% of Connective Capital Management LLC's investment portfolio, making the stock its 18th largest position.

Other institutional investors have also recently bought and sold shares of the company. Auxano Advisors LLC lifted its position in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after purchasing an additional 25 shares in the last quarter. Covenant Partners LLC boosted its holdings in Spotify Technology by 2.5% during the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after purchasing an additional 25 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock valued at $225,000 after purchasing an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. boosted its holdings in Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company's stock valued at $99,000 after purchasing an additional 26 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Rosenblatt Securities reduced their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective for the company. Redburn Atlantic assumed coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. Finally, Macquarie increased their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $609.07.

Spotify Technology Price Performance

NYSE:SPOT traded up $18.59 during mid-day trading on Friday, reaching $655.34. The stock had a trading volume of 1,882,791 shares, compared to its average volume of 2,212,519. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $669.00. The stock has a market capitalization of $134.15 billion, a PE ratio of 110.14 and a beta of 1.72. The stock has a 50-day simple moving average of $594.39 and a two-hundred day simple moving average of $542.77.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its 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). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 EPS. Equities analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current 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.