Ethic Inc. Boosts Stock Position in Spotify Technology $SPOT

Key Points

• Ethic Inc. increased its stake in Spotify Technology by 48.3% in the first quarter, owning 20,736 shares valued at approximately $11.44 million.
• Multiple large investors, including Goldman Sachs Group Inc., significantly raised their stakes in Spotify, indicating strong institutional confidence in the stock.
• Spotify recently reported a quarterly loss of ($0.42) EPS, missing estimates, but exceeded revenue expectations with $4.94 billion, showing a 10.1% year-over-year increase.

Ethic Inc. increased its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 48.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,736 shares of the company's stock after purchasing an additional 6,757 shares during the period. Ethic Inc.'s holdings in Spotify Technology were worth $11,441,000 as of its most recent SEC filing.

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

Spotify Technology Stock Up 4.8%

Shares of NYSE SPOT traded up $33.24 during mid-day trading on Friday, reaching $731.74. 3,005,192 shares of the company were exchanged, compared to its average volume of 2,796,766. The firm has a 50-day moving average of $703.27 and a 200 day moving average of $637.83. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The stock has a market cap of $149.79 billion, a price-to-earnings ratio of 177.61, a P/E/G ratio of 3.17 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.33 earnings per share. On average, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the topic of several recent research reports. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. The Goldman Sachs Group upped their price objective on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Benchmark cut their price objective on Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Finally, Rosenblatt Securities cut their price objective on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. Ten equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $718.90.

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.