Invesco Ltd. Grows Stock Holdings in Spotify Technology (NYSE:SPOT)

Key Points

• Invesco Ltd. increased its stake in Spotify Technology by 3.7%, acquiring an additional 44,340 shares and owning about 0.61% of the company, valued at approximately $682 million.
• Several analysts have raised their price targets for Spotify, with Pivotal Research setting a new target of $900 and most analysts giving the stock a consensus rating of "Moderate Buy."
• Spotify reported a loss of ($0.42) EPS in its latest quarter, missing expectations despite revenue growth of 10.1% year-over-year, totaling $4.94 billion.

Invesco Ltd. lifted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,240,028 shares of the company's stock after purchasing an additional 44,340 shares during the quarter. Invesco Ltd. owned about 0.61% of Spotify Technology worth $682,053,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. QRG Capital Management Inc. raised its position in shares of Spotify Technology by 36.3% in the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Spotify Technology by 30.7% in the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Spotify Technology by 238.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after purchasing an additional 17,932 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on SPOT shares. Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Oppenheimer upgraded shares of 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, July 24th. Pivotal Research increased their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Cantor Fitzgerald increased their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Finally, Loop Capital increased their price target on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Stock Performance

Spotify Technology stock opened at $706.38 on Friday. The company's fifty day moving average price is $702.55 and its 200 day moving average price is $630.93. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The stock has a market capitalization of $144.60 billion, a P/E ratio of 171.45, a P/E/G ratio of 3.06 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the business posted $1.33 EPS. Spotify Technology's revenue was up 10.1% compared to the same quarter last year. Sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current 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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