GAMMA Investing LLC Acquires 360 Shares of Spotify Technology (NYSE:SPOT)

GAMMA Investing LLC lifted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 38.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,305 shares of the company's stock after acquiring an additional 360 shares during the quarter. GAMMA Investing LLC's holdings in Spotify Technology were worth $718,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Auxano Advisors LLC boosted its stake in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after acquiring an additional 20 shares during the period. SRS Capital Advisors Inc. boosted its stake in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after acquiring an additional 25 shares during the period. Covenant Partners LLC boosted its stake in shares of Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock worth $458,000 after acquiring an additional 25 shares during the period. Harbour Investments Inc. boosted its stake in shares of Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after acquiring an additional 26 shares during the period. Finally, Cookson Peirce & Co. Inc. boosted its stake in shares of Spotify Technology by 1.9% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company's stock worth $656,000 after acquiring an additional 27 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $767.94 on Tuesday. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The stock has a market capitalization of $157.20 billion, a P/E ratio of 127.35, a price-to-earnings-growth ratio of 2.03 and a beta of 1.68. The stock has a fifty day moving average of $669.15 and a 200-day moving average of $586.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the firm posted $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. FBN Securities assumed coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target for the company. Macquarie boosted their price target on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Redburn Atlantic assumed coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target for the company. Finally, Pivotal Research boosted their price target on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $654.93.

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.

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