Spotify Technology (NYSE:SPOT) Shares Acquired by Fayez Sarofim & Co

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 boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. raised its position in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after buying an additional 861,232 shares during the period. Northern Trust Corp increased its holdings 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 period. Finally, GAMMA Investing LLC increased its holdings in Spotify Technology by 75,856.5% in the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock worth $394,805,000 after buying an additional 716,844 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the topic of several research reports. Evercore ISI increased their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. UBS Group cut their price target on shares of Spotify Technology from $895.00 to $850.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. Oppenheimer raised shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective on the stock in a research note on Thursday, July 24th. Pivotal Research raised 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. Finally, Loop Capital raised their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded down $8.60 during midday trading on Monday, reaching $697.29. 710,733 shares of the company's stock were exchanged, compared to its average volume of 2,340,252. The firm's 50 day simple moving average is $702.55 and its two-hundred day simple moving average is $631.84. The stock has a market cap of $142.74 billion, a price-to-earnings ratio of 169.77, a P/E/G ratio of 3.06 and a beta of 1.69. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00.

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