Fayez Sarofim & Co Has $26.22 Million Stake in Spotify Technology (NYSE:SPOT)

Key Points

• Fayez Sarofim & Co has expanded its stake in Spotify Technology by 8.8% during Q1, holding a total of 47,668 shares valued at approximately $26.22 million.
• Institutional investors now own 84.09% of Spotify's stock, with notable increases from firms like Deutsche Bank AG, which raised its stake by 26.8%.
• Spotify reported a loss of ($0.42) earnings per share for the last quarter, falling short of analysts' expectations, despite generating $4.94 billion in revenue, surpassing the consensus estimate.

Fayez Sarofim & Co increased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,668 shares of the company's stock after acquiring an additional 3,848 shares during the period. Fayez Sarofim & Co's holdings in Spotify Technology were worth $26,219,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Spotify Technology by 10.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 123,044 shares of the company's stock valued at $67,678,000 after buying an additional 11,680 shares during the last quarter. Accuvest Global Advisors acquired a new stake in Spotify Technology in the 1st quarter valued at $3,917,000. Altfest L J & Co. Inc. acquired a new stake in Spotify Technology in the 1st quarter valued at $1,321,000. Deutsche Bank AG increased its stake in Spotify Technology by 26.8% in the 1st quarter. Deutsche Bank AG now owns 1,207,847 shares of the company's stock valued at $664,352,000 after buying an additional 255,432 shares during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in Spotify Technology in the 1st quarter valued at $171,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SPOT shares. Phillip Securities upgraded shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a research note on Monday. Pivotal Research boosted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. 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 note on Wednesday, July 2nd. UBS Group lowered their price objective on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a research note on Wednesday, July 30th. Finally, Oppenheimer raised shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a report on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Trading Up 3.1%

Shares of Spotify Technology stock opened at $666.91 on Thursday. The company has a 50 day moving average of $700.75 and a 200-day moving average of $627.08. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The company has a market cap of $136.52 billion, a PE ratio of 161.87, a price-to-earnings-growth ratio of 2.80 and a beta of 1.69.

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

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.

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