Geneva Partners LLC Boosts Holdings in Spotify Technology (NYSE:SPOT)

Geneva Partners LLC raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,043 shares of the company's stock after purchasing an additional 1,325 shares during the period. Spotify Technology accounts for 3.3% of Geneva Partners LLC's holdings, making the stock its 12th biggest position. Geneva Partners LLC's holdings in Spotify Technology were worth $6,377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its position in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of Spotify Technology by 4.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock valued at $927,000 after buying an additional 85 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after buying an additional 3,536 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Spotify Technology by 108.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company's stock valued at $67,467,000 after buying an additional 78,499 shares during the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after buying an additional 189 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Robert W. Baird increased their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Redburn Atlantic began coverage on shares of 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, China Renaissance began coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $660.28.

Spotify Technology Price Performance

Shares of SPOT opened at $737.40 on Tuesday. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The stock has a market cap of $150.95 billion, a PE ratio of 122.29, a price-to-earnings-growth ratio of 1.91 and a beta of 1.68. The firm has a fifty day moving average price of $681.30 and a 200 day moving average price of $595.75.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share 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 company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the firm earned $0.97 earnings per share. Spotify Technology's revenue was up 15.2% on a year-over-year basis. As a group, equities analysts expect 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.

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