Fedenia Advisers LLC Grows Stock Position in Spotify Technology (NYSE:SPOT)

Fedenia Advisers LLC lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 70.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,777 shares of the company's stock after acquiring an additional 735 shares during the quarter. Fedenia Advisers LLC's holdings in Spotify Technology were worth $977,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. DAVENPORT & Co LLC boosted its position in shares of Spotify Technology by 4.2% in the 1st quarter. DAVENPORT & Co LLC now owns 206,276 shares of the company's stock worth $113,991,000 after buying an additional 8,373 shares in the last quarter. Summit Trail Advisors LLC raised its position in Spotify Technology by 34.1% during the first quarter. Summit Trail Advisors LLC now owns 4,235 shares of the company's stock worth $2,329,000 after acquiring an additional 1,078 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Spotify Technology by 1.9% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,358 shares of the company's stock worth $8,447,000 after acquiring an additional 291 shares during the last quarter. WT Asset Management Ltd lifted its holdings in shares of Spotify Technology by 44.8% in the first quarter. WT Asset Management Ltd now owns 48,500 shares of the company's stock valued at $26,676,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its position in shares of Spotify Technology by 79.0% in the first quarter. Vontobel Holding Ltd. now owns 29,107 shares of the company's stock valued at $16,010,000 after purchasing an additional 12,847 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

SPOT stock traded down $15.69 during midday trading on Wednesday, reaching $706.66. 2,785,921 shares of the company's stock traded hands, compared to its average volume of 2,216,570. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The business has a 50-day moving average price of $671.78 and a two-hundred day moving average price of $587.67. The company has a market capitalization of $144.66 billion, a P/E ratio of 117.19, a PEG ratio of 2.02 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share 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 business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The business's revenue was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SPOT. Loop Capital lifted their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Sanford C. Bernstein raised Spotify Technology to a "strong-buy" rating in a report on Tuesday, June 3rd. UBS Group upped their price objective on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. DZ Bank cut Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. Finally, Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.

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.