Fox Run Management L.L.C. Takes Position in Spotify Technology $SPOT

Key Points

• Fox Run Management L.L.C. invested approximately $1.06 million in Spotify Technology during the first quarter, acquiring 1,922 shares.
• Spotify has received multiple price target upgrades from analysts, with the latest targets ranging from $665 to $840, indicating an overall "outperform" or "buy" rating from many sources.
• Despite reporting a loss of $0.42 EPS in its recent quarter, Spotify's revenue was up by 10.1% year-over-year, reaching $4.94 billion, surpassing analyst estimates.

Fox Run Management L.L.C. acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,922 shares of the company's stock, valued at approximately $1,057,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mariner LLC raised its position in shares of Spotify Technology by 6.4% during the fourth quarter. Mariner LLC now owns 16,362 shares of the company's stock valued at $7,320,000 after buying an additional 979 shares during the last quarter. Guggenheim Capital LLC lifted its position in Spotify Technology by 16.3% in the 4th quarter. Guggenheim Capital LLC now owns 16,133 shares of the company's stock valued at $7,218,000 after acquiring an additional 2,263 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in Spotify Technology by 0.4% during the 4th quarter. Gamco Investors INC. ET AL now owns 11,499 shares of the company's stock worth $5,144,000 after buying an additional 49 shares in the last quarter. United Capital Financial Advisors LLC increased its stake in shares of Spotify Technology by 165.9% during the 4th quarter. United Capital Financial Advisors LLC now owns 6,058 shares of the company's stock worth $2,710,000 after purchasing an additional 3,780 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its stake in Spotify Technology by 10.5% in the 4th quarter. Insigneo Advisory Services LLC now owns 1,053 shares of the company's stock valued at $471,000 after buying an additional 100 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Rosenblatt Securities decreased their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Morgan Stanley decreased their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Bank of America boosted their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Finally, Guggenheim lifted their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $33.24 during midday trading on Friday, hitting $731.74. 3,005,192 shares of the company's stock were exchanged, compared to its average volume of 2,796,766. The stock has a 50 day moving average price of $703.27 and a 200-day moving average price of $637.83. The company has a market cap of $149.79 billion, a PE ratio of 177.61, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69. Spotify Technology has a 12 month low of $319.07 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results 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 business's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.33 earnings per share. On average, analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal 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.