Impax Asset Management Group plc acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,111 shares of the company's stock, valued at approximately $611,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Tsfg LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $28,000. North Star Investment Management Corp. grew its position in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $27,000. Finally, Copia Wealth Management bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $29,000. Institutional investors own 84.09% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Rosenblatt Securities decreased their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Loop Capital increased their price objective on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. Finally, DZ Bank downgraded Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $660.28.
Read Our Latest Analysis on SPOT
Spotify Technology Stock Performance
Shares of NYSE SPOT traded up $12.35 during trading hours on Monday, hitting $737.40. The company's stock had a trading volume of 1,554,979 shares, compared to its average volume of 2,225,917. The business has a 50-day simple moving average of $678.50 and a 200-day simple moving average of $593.82. The stock has a market cap of $150.95 billion, a price-to-earnings ratio of 122.29, a P/E/G ratio of 1.91 and a beta of 1.68. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.
Spotify Technology Profile
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Free Report)
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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