Freemont Management S.A. Invests $1.87 Million in Spotify Technology (NYSE:SPOT)

Key Points

• Freemont Management S.A. acquired a new stake in Spotify Technology, purchasing 3,400 shares valued at approximately $1,870,000.
• Other hedge funds have also significantly increased their stakes in Spotify, with Jennison Associates boosting their holdings by 42.3% and Geode Capital Management by 561.6%.
• Spotify's stock has a consensus rating of “Moderate Buy” with an average target price of $727.52, while the company reported a 15.2% year-over-year revenue growth despite missing EPS estimates.

Freemont Management S.A. purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,400 shares of the company's stock, valued at approximately $1,870,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC lifted its position in 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 acquiring an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after acquiring an additional 112,553 shares in the last quarter. FMR LLC lifted its position in Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Schroder Investment Management Group lifted its position in Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after acquiring an additional 7,075 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 1.7%

Shares of NYSE:SPOT traded up $11.43 during trading on Friday, reaching $692.85. The company's stock had a trading volume of 1,756,975 shares, compared to its average volume of 1,713,343. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The firm's 50 day simple moving average is $701.36 and its two-hundred day simple moving average is $618.42. The stock has a market capitalization of $141.83 billion, a PE ratio of 114.90, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business posted $0.97 EPS. The firm's revenue was up 15.2% on a year-over-year basis. Research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SPOT shares. Evercore ISI upped their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Sanford C. Bernstein increased their price target on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Oppenheimer raised Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price target on the stock in a report on Thursday. Finally, Phillip Securities raised 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 issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $727.52.

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.