Jennison Associates LLC Purchases 1,262,614 Shares of Spotify Technology (NYSE:SPOT)

Jennison Associates LLC lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 42.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,247,940 shares of the company's stock after buying an additional 1,262,614 shares during the period. Spotify Technology comprises approximately 1.6% of Jennison Associates LLC's investment portfolio, making the stock its 14th biggest position. Jennison Associates LLC owned approximately 2.08% of Spotify Technology worth $2,336,494,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of SPOT. GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter worth $800,725,000. Geode Capital Management LLC raised its position 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. Norges Bank bought a new position in Spotify Technology during the 4th quarter worth $396,028,000. Janus Henderson Group PLC raised its position in Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after purchasing an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp raised its position 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. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 3.6%

NYSE SPOT traded down $26.01 during trading hours on Friday, hitting $694.90. The company's stock had a trading volume of 2,148,692 shares, compared to its average volume of 2,220,527. Spotify Technology has a 52 week low of $290.13 and a 52 week high of $785.00. The company has a market capitalization of $142.25 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.68. The company's 50-day simple moving average is $695.14 and its two-hundred day simple moving average is $608.01.

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 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 during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business posted $0.97 EPS. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. Research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of a number of recent analyst reports. Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Wells Fargo & Company increased their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Morgan Stanley increased their price target on Spotify Technology from $700.00 to $850.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Benchmark increased their price target on Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Finally, Rosenblatt Securities decreased their price target on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $701.31.

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.