DAVENPORT & Co LLC Boosts Stake in Spotify Technology (NYSE:SPOT)

DAVENPORT & Co LLC grew its stake in Spotify Technology (NYSE:SPOT - Free Report) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 206,276 shares of the company's stock after acquiring an additional 8,373 shares during the quarter. DAVENPORT & Co LLC owned 0.10% of Spotify Technology worth $113,991,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. FMR LLC raised its position in shares of Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group increased its stake in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new position in shares of Spotify Technology in the fourth quarter worth approximately $800,725,000. Geode Capital Management LLC boosted its stake in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Northern Trust Corp raised its position in Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on SPOT shares. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday. 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. Finally, DZ Bank cut shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. One 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $660.28.

Spotify Technology Trading Up 2.0%

SPOT traded up $14.48 on Friday, hitting $723.98. 1,078,903 shares of the company's stock traded hands, compared to its average volume of 2,223,457. Spotify Technology has a one year low of $288.07 and a one year high of $785.00. The firm has a market cap of $148.20 billion, a price-to-earnings ratio of 120.06, a P/E/G ratio of 1.91 and a beta of 1.68. The company's 50 day simple moving average is $678.50 and its 200-day simple moving average is $591.86.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The company's quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal 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.