Highland Capital Management LLC Boosts Holdings in Spotify Technology (NYSE:SPOT)

Highland Capital Management LLC grew its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 97.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,841 shares of the company's stock after buying an additional 1,896 shares during the quarter. Highland Capital Management LLC's holdings in Spotify Technology were worth $2,113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jag Capital Management LLC grew its stake in Spotify Technology by 22.9% in the 1st quarter. Jag Capital Management LLC now owns 35,383 shares of the company's stock worth $19,462,000 after buying an additional 6,585 shares in the last quarter. Kessler Investment Group LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $5,297,000. Transcend Capital Advisors LLC boosted its holdings in shares of Spotify Technology by 61.3% in the first quarter. Transcend Capital Advisors LLC now owns 1,897 shares of the company's stock worth $1,043,000 after buying an additional 721 shares during the last quarter. Beacon Financial Advisory LLC purchased a new position in shares of Spotify Technology in the first quarter worth approximately $221,000. Finally, Board of the Pension Protection Fund purchased a new position in Spotify Technology during the first quarter valued at approximately $1,210,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SPOT shares. DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday, April 21st. Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $654.93.

Spotify Technology Price Performance

Shares of SPOT stock traded down $3.39 on Friday, hitting $772.52. 2,792,218 shares of the stock traded hands, compared to its average volume of 2,208,809. The firm has a market cap of $158.14 billion, a price-to-earnings ratio of 128.11, a PEG ratio of 2.02 and a beta of 1.68. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00. The firm has a 50 day simple moving average of $664.99 and a two-hundred day simple moving average of $584.00.

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

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.