Jag Capital Management LLC Purchases 6,585 Shares of Spotify Technology (NYSE:SPOT)

Jag Capital Management LLC grew its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 22.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,383 shares of the company's stock after purchasing an additional 6,585 shares during the quarter. Spotify Technology comprises approximately 2.6% of Jag Capital Management LLC's investment portfolio, making the stock its 15th largest position. Jag Capital Management LLC's holdings in Spotify Technology were worth $19,462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group raised its holdings in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after purchasing an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter worth approximately $800,725,000. Geode Capital Management LLC raised its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent analyst reports. Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Bank of America raised their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Finally, Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $654.93.

Spotify Technology Price Performance

Shares of SPOT stock opened at $772.52 on Friday. The firm has a 50-day moving average of $664.99 and a 200-day moving average of $583.26. The company has a market cap of $158.14 billion, a P/E ratio of 128.11, a P/E/G ratio of 2.03 and a beta of 1.68. Spotify Technology has a one year low of $288.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

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