Covestor Ltd Has $632,000 Position in Spotify Technology (NYSE:SPOT)

Key Points

• Covestor Ltd increased its stake in Spotify Technology by 226.4% in the first quarter, now owning 1,149 shares worth $632,000, making it their 20th largest holding.
• Analysts have mixed ratings on Spotify, with price targets ranging from $550 to $900, and a consensus rating of "Moderate Buy".
• Spotify reported a quarterly EPS of (0.42), missing estimates significantly, despite achieving revenue of $4.94 billion, surpassing analyst expectations.

Covestor Ltd boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 226.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,149 shares of the company's stock after buying an additional 797 shares during the period. Spotify Technology makes up about 0.4% of Covestor Ltd's investment portfolio, making the stock its 20th largest position. Covestor Ltd's holdings in Spotify Technology were worth $632,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Hartford Investment Management Co. increased its position in shares of Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after purchasing an additional 16 shares during the period. Citizens Financial Group Inc. RI increased its position in shares of Spotify Technology by 3.7% during the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after purchasing an additional 17 shares during the period. HM Payson & Co. increased its position in shares of Spotify Technology by 39.1% during the first quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares during the period. North Star Investment Management Corp. increased its position in shares of Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. Finally, Adero Partners LLC increased its position in shares of Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after purchasing an additional 19 shares during the period. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SPOT shares. Sanford C. Bernstein boosted their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their price objective on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Robert W. Baird boosted their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Canaccord Genuity Group boosted their price objective on Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $19.64 during trading hours on Friday, hitting $706.38. The company's stock had a trading volume of 2,361,417 shares, compared to its average volume of 2,795,071. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00. The stock has a 50 day moving average of $702.55 and a 200 day moving average of $631.84. The company has a market capitalization of $144.60 billion, a PE ratio of 171.45, a price-to-earnings-growth ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the company earned $1.33 earnings per share. The firm's revenue was up 10.1% compared to the same quarter last year. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.