EFG Asset Management Americas Corp. Makes New $2.17 Million Investment in Spotify Technology (NYSE:SPOT)

Key Points

• EFG Asset Management Americas Corp. acquired a significant new position in Spotify Technology, purchasing 3,949 shares valued at approximately $2.17 million.
• Spotify reported a missed earnings estimate of $1.13 EPS for the last quarter, significantly below the consensus estimate of $2.29, despite revenue increasing by 15.2% year-over-year to $4.41 billion.
• Analysts have set various price targets on Spotify shares, with Deutsche Bank increasing their target to $775 and Guggenheim raising theirs to $840, reflecting a consensus rating of "Moderate Buy" from market analysts.

EFG Asset Management Americas Corp. purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,949 shares of the company's stock, valued at approximately $2,172,000.

Other hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its holdings in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the period. Tsfg LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $28,000. North Star Investment Management Corp. grew its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the period. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology during the fourth quarter valued at approximately $26,000. Finally, Copia Wealth Management acquired a new position in Spotify Technology during the fourth quarter valued at approximately $29,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT traded up $0.61 during mid-day trading on Friday, hitting $627.15. 2,529,175 shares of the stock were exchanged, 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 price-to-earnings-growth ratio of 2.56 and a beta of 1.70. The firm's 50-day simple moving average is $700.71 and its 200 day simple moving average is $623.58. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the company posted $0.97 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SPOT shares. Robert W. Baird lifted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Benchmark cut their price target on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Guggenheim boosted their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Finally, The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

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.