Kessler Investment Group LLC Buys Shares of 9,630 Spotify Technology (NYSE:SPOT)

Kessler Investment Group LLC acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,630 shares of the company's stock, valued at approximately $5,297,000. Spotify Technology makes up about 2.6% of Kessler Investment Group LLC's portfolio, making the stock its 20th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC boosted its holdings in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new stake in Spotify Technology during the fourth quarter worth approximately $800,725,000. Geode Capital Management LLC boosted its holdings in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research reports. Rosenblatt Securities reduced their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Macquarie raised their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. Pivotal Research raised their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Sanford C. Bernstein raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $654.93.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $3.39 during midday trading on Friday, reaching $772.52. 2,792,218 shares of the company's stock traded hands, compared to its average volume of 2,208,809. The company has a market cap of $158.14 billion, a price-to-earnings ratio of 128.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.68. The company's 50 day simple moving average is $664.99 and its 200 day simple moving average is $584.00. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business 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%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.97 EPS. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share 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.