Corient IA LLC Makes New $550,000 Investment in Spotify Technology (NYSE:SPOT)

Key Points

• Corient IA LLC has made a new investment of $550,000 by acquiring 1,000 shares in Spotify Technology during the first quarter.
• Multiple analysts have revised their price targets for Spotify, with Macquarie setting a target of $665.00 and Bank of America raising it to $900.00, indicating overall optimism in the stock's performance.
• Despite missed earnings expectations, Spotify's revenue grew by 10.1% year-over-year, reaching $4.94 billion in the recent quarter.

Corient IA LLC bought a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,000 shares of the company's stock, valued at approximately $550,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Roberts Capital Advisors LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at $536,000. Raymond James Financial Inc. increased its position in Spotify Technology by 2.2% in the first quarter. Raymond James Financial Inc. now owns 127,102 shares of the company's stock worth $69,910,000 after purchasing an additional 2,741 shares during the period. Cresset Asset Management LLC increased its position in Spotify Technology by 6.2% in the first quarter. Cresset Asset Management LLC now owns 10,849 shares of the company's stock worth $5,967,000 after purchasing an additional 632 shares during the period. State of New Jersey Common Pension Fund D increased its position in Spotify Technology by 7.9% in the first quarter. State of New Jersey Common Pension Fund D now owns 70,986 shares of the company's stock worth $39,044,000 after purchasing an additional 5,200 shares during the period. Finally, American Century Companies Inc. increased its position in Spotify Technology by 40.7% in the first quarter. American Century Companies Inc. now owns 332,512 shares of the company's stock worth $182,892,000 after purchasing an additional 96,152 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Bank of America lifted their price objective on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. KeyCorp lowered their price objective on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

NYSE SPOT opened at $731.74 on Friday. The stock has a market capitalization of $149.79 billion, a price-to-earnings ratio of 177.61, a PEG ratio of 3.17 and a beta of 1.69. The stock's 50 day moving average price is $703.27 and its two-hundred day moving average price is $637.23. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 EPS. On average, equities research analysts forecast that Spotify Technology 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.