Cordatus Wealth Management LLC Buys New Position in Spotify Technology (NYSE:SPOT)

Key Points

• Cordatus Wealth Management LLC has made a new investment in Spotify Technology, purchasing 1,032 shares valued at approximately $568,000.
• Institutional investors currently own 84.09% of Spotify's stock, with significant positions added by firms like Jennison Associates LLC and GAMMA Investing LLC.
• Analyst ratings for Spotify Technology indicate a consensus rating of "Moderate Buy" with target prices ranging from $550.00 to $900.00.

Cordatus Wealth Management LLC bought a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,032 shares of the company's stock, valued at approximately $568,000.

Several other institutional investors and hedge funds also recently modified their holdings of SPOT. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Spotify Technology by 3.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after acquiring an additional 112,553 shares during the last quarter. FMR LLC increased its position in shares of Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after acquiring an additional 726,245 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SPOT. Morgan Stanley dropped their target price on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research report on Wednesday. KeyCorp dropped their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research report on Wednesday. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Cantor Fitzgerald increased their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, Macquarie increased their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Trading Up 0.1%

NYSE:SPOT traded up $0.61 during mid-day trading on Friday, hitting $627.15. The stock had a trading volume of 2,529,175 shares, compared to its average volume of 2,387,677. The stock has a market capitalization of $128.38 billion, a price-to-earnings ratio of 152.22, a P/E/G ratio of 2.56 and a beta of 1.70. The company has a 50 day simple moving average of $700.71 and a 200-day simple moving average of $623.58. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

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.