Keystone Investors PTE Ltd. Invests $564,000 in Spotify Technology (NYSE:SPOT)

Key Points

• Keystone Investors PTE Ltd. has invested approximately $564,000 in Spotify Technology, acquiring 1,025 shares during the first quarter, according to its latest SEC filing.
• Recently, multiple analysts have raised their price targets for Spotify, with Canaccord Genuity setting a new target of $850.00 and Guggenheim adjusting theirs to $840.00, both maintaining a "buy" rating on the stock.
• Spotify Technology reported a loss of ($0.42) EPS in the last quarter, falling short of the consensus estimate of $2.00, despite achieving a revenue increase of 10.1% year-over-year, amounting to $4.94 billion.

Keystone Investors PTE Ltd. acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,025 shares of the company's stock, valued at approximately $564,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SPOT. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the 4th quarter worth about $26,000. Tsfg LLC purchased a new stake in Spotify Technology during the 1st quarter worth about $28,000. Copia Wealth Management purchased a new stake in Spotify Technology during the 4th quarter worth about $29,000. Cornerstone Planning Group LLC increased its holdings in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the period. Finally, North Star Investment Management Corp. increased its holdings in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on SPOT. Barclays cut their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Wells Fargo & Company upped their price objective on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Loop Capital upped their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group upped their price objective on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective for the company in a research report on Wednesday, July 30th. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Up 2.9%

SPOT traded up $19.64 on Friday, hitting $706.38. 2,361,417 shares of the company traded hands, compared to its average volume of 2,740,359. The company has a 50 day moving average of $702.55 and a 200-day moving average of $630.93. The stock has a market capitalization of $144.60 billion, a PE ratio of 171.45, a PEG ratio of 3.06 and a beta of 1.69. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analysts' expectations of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm's revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 earnings per share. On average, research analysts anticipate 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.