Flossbach Von Storch SE purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 370 shares of the company's stock, valued at approximately $204,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC lifted its holdings in shares of Spotify Technology by 4.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after purchasing an additional 85 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Spotify Technology by 108.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after purchasing an additional 78,499 shares during the period. Victory Capital Management Inc. acquired a new stake in Spotify Technology during the 4th quarter valued at $19,958,000. Proficio Capital Partners LLC acquired a new stake in Spotify Technology during the 4th quarter valued at $281,000. Finally, Raymond James Financial Inc. acquired a new stake in Spotify Technology during the 4th quarter worth about $55,637,000. 84.09% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
SPOT has been the subject of a number of analyst reports. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. China Renaissance initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target on the stock. Morgan Stanley increased their price target on shares of Spotify Technology from $700.00 to $850.00 and gave the stock an "overweight" rating in a research report on Thursday. Cantor Fitzgerald boosted their price target on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $681.27.
Get Our Latest Research Report on Spotify Technology
Spotify Technology Trading Down 1.4%
NYSE:SPOT traded down $10.09 during midday trading on Thursday, reaching $712.03. The company had a trading volume of 765,920 shares, compared to its average volume of 2,219,988. The stock's fifty day simple moving average is $686.31 and its 200-day simple moving average is $597.48. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00. The firm has a market capitalization of $145.76 billion, a price-to-earnings ratio of 118.08, a PEG ratio of 1.90 and a beta of 1.68.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 EPS. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.
Spotify Technology Company Profile
(
Free Report)
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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